USD/CAD Long-Term Trend: Bullish
Key Resistance Levels: 1.2253, 1.2322, 1.2350
Key Support Levels: 1.2083, 1.1942, 1.1800
The price on the higher time frame was in a downtrend before facing a strong support around the 1.2083 USD mark. We can see that the price get stuck above this level and try to reverse.
USD/CAD Medium-Term Trend: Bullish
On the 1-hour time frame the price is trading inside a parallel channel which shows that the market is in a clear fight between sellers and buyers which could lead to a breakout from either side. Our expectation is a move to the upside after it broke the bullish flag.
Buy Market Order @ 1.2144
TP 1 @ 1.2206
TP 2 @ 1.2253
Stop Loss @ 1.2114
Trade Safely 🙂