USDCAD is still stuck in a triangle formation for many many weeks and price may be near at the upper channel of the Day Triangle, but with Tflow® we don’t play break out.
With week 31 opening at low of 1.0260, reached a high of 1.0493 but Friday 13th Aug closed was at around 1.0410. This seems to suggest some bullishness in price with a Higher high and higher low seen.
2 Scenarios to look forward in the coming week for the patience and impatience traders:
- Long Term Traders (patience) would be looking to go long once price reach a strong support level.
An ideal zone would be near the red support line. 1.0274. But watch out for immediate support level (orange line)
- The Short Term traders (impatience) would be looking to short. Possibly in a lower timeframe, 1hr or 15mins. A potential good short would near or at resistance level. (Blue line. Support turn resistance zone) While price still seems to suggest that trend is still up. It is prudent to take some profit at the immediate support zone. As this could be counter trend move.
Yes long term trader may still look forward to go long at retracement or strong support level and thus eventually breaking out the triangle formation. But with Tflow® we could look to short before we resume our long position.
To find out more, you can join our free forex seminar where we are going to showcase Tflow®.
