USDCAD Price Action – Bullish, But Below Key Resistance | Mar 9
USDCAD – Holding Near Resistance (4hr chart)
Instead of shying away from the key resistance and range highs near 1.2650 and 1.2695, the USDCAD has held up here with some solid intra-day buying. This may preclude an upside attack and break of the key resistance levels.
For now, we are still in a range structure-ish, so pullbacks to support are best IMO. That would mean 1.2410-30 is the range support for now. If we clear the key resistance levels above, then we only have 1.2775 left between that and 1.30. Only a daily close below the range would negate the MT bull trend.
Read our latest article The Three Parts Of Your Trading Mind
Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.
Want to Learn Price Action Strategies for Trading Forex?
Sign Up for our Monthly Newsletter and Get our FREE E-Book