USDCAD Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Monthly
Uptrend.
The price has retraced about 80% of the wave that formed the most recent high.
Weekly
Uptrend.
Within the same upward range as the monthly chart, a corrective downtrend is forming.
Daily
Downtrend.
The recent low has been slightly broken with a candlestick body.
Selling pressure appears to be strong.
4-Hour
Downtrend.
The previous low was just broken.
1-Hour
Downtrend, currently in a corrective phase.
Trade Strategies
Strategy①
Trend-following short on the 4-hour and 1-hour charts.
Wait for the price to pull back as high as possible before entering.
Strategy②
A range is forming on the lower timeframes.
If the recent high is broken and then the market shifts downward again, consider a short entry.
