USDCAD Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Downtrend, currently in wave 5.
There is no significant resistance zone to the left of the chart, so there is a possibility of continued decline at the weekly level.
Daily
Downtrend.
There are no clear resistance areas on the daily chart either.
4-Hour
Downtrend.
The price did not break to a new low and, after some consolidation, is now in a corrective upward move.
1-Hour
Uptrend.
Recently, due to an economic event, price movements have been volatile, making it difficult to clearly identify the last higher low.
Trade Strategies
Strategy①
Trend-following long on the 1-hour chart.
Assuming the current move is a correction within an uptrend, consider a long entry if a clean setup appears.
However, be cautious, as higher timeframes are in a downtrend, and there is a risk of getting caught in the reversal.
Strategy②
Trend-following short on the 4-hour chart.
Ideally, wait for the price to pull back near the origin of the most recent low on the 4-hour chart before considering a short entry.
