USDCAD on the daily chart is in a downward trend as you can see on the chart. What so interesting about this long opportunity is that price break and close above this daily trend line. Once a break and close above happened now I am looking for the price to retrace to that zone where It break the trend line. Now I can assume that this zone will become a possible support area. It can also make an ABCD pattern completion as seen on the chart and the C to D leg of the move will completes just around that daily resistance level.
Watch the video to understand this setup indepth.
youtu.be/vlwq7tTmivM
Watch the video to understand this setup indepth.
youtu.be/vlwq7tTmivM