Here on the Daily chart of USD/CAD we have a potential long position setup in the coming days.
The first green box indicates the previous structure resistance.
With this being a strong resistance area prior to it's break, we feel this should act and hold as strong structure support if we see a retracement.
There is also an added bonus of this area coming in at 1.28 physiological number.
Taking a Fibonacci we get a 0.382% coming in at 1.255 also at previous structure, thus giving us more confluence to look at getting long on this pair.
The candle formations are more visible on the 4h and 1h charts, however the previous structure is less viable hence the daily chart.
Have a great trading week.
The first green box indicates the previous structure resistance.
With this being a strong resistance area prior to it's break, we feel this should act and hold as strong structure support if we see a retracement.
There is also an added bonus of this area coming in at 1.28 physiological number.
Taking a Fibonacci we get a 0.382% coming in at 1.255 also at previous structure, thus giving us more confluence to look at getting long on this pair.
The candle formations are more visible on the 4h and 1h charts, however the previous structure is less viable hence the daily chart.
Have a great trading week.