Let's delve into analyzing the USDCAD forex pair together. 🤝
On the higher time frame, like the weekly chart, we find ourselves in a range-bound box, as is common in forex market conditions. 📉📈
Currently, we're moving within a Rising Wedge pattern on the daily timeframe, approaching a significant daily resistance around 1.36008. This range also coincides with the 0.618 Fibonacci retracement level on the daily chart, adding further importance to this area. 📊💼
If this resistance is breached and the pattern is filled, we could potentially move towards the 1.36842 range on the daily timeframe. 📈💪
Furthermore, should the Rising Wedge pattern activate on the lower timeframe, a trigger around 1.35469 suggests opening a short position. 📉💼
Given the market structure, it's likely that actions will be taken for positions on lower timeframes, with a larger stop for long positions and a smaller one for short positions. ⏱️🚥
Keep in mind that today will likely be a news-heavy day in the market, so we anticipate some irrational movements. 🗞️🔄
Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles. 🚀📈
On the higher time frame, like the weekly chart, we find ourselves in a range-bound box, as is common in forex market conditions. 📉📈
Currently, we're moving within a Rising Wedge pattern on the daily timeframe, approaching a significant daily resistance around 1.36008. This range also coincides with the 0.618 Fibonacci retracement level on the daily chart, adding further importance to this area. 📊💼
If this resistance is breached and the pattern is filled, we could potentially move towards the 1.36842 range on the daily timeframe. 📈💪
Furthermore, should the Rising Wedge pattern activate on the lower timeframe, a trigger around 1.35469 suggests opening a short position. 📉💼
Given the market structure, it's likely that actions will be taken for positions on lower timeframes, with a larger stop for long positions and a smaller one for short positions. ⏱️🚥
Keep in mind that today will likely be a news-heavy day in the market, so we anticipate some irrational movements. 🗞️🔄
Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles. 🚀📈
