USDCAD retest the 1.30500 🦐

USDCAD on the 4h chart after the rejection by the weekly resistance retraced into a descending channel to the 0.382 Fibonacci level.
The price is now trading below a minor resistance and a trendline creating an interesting confluence zone.

How can i approach this scenario?

I will wait for a potential break above of the point and in that case i will look for a nice long order until the resistance according to the Plancton's strategy rules.

--––
Follow the Shrimp 🦐

Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.

Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger

Note

the market is now breaking above the confluence zone

Note

a nice move to the upside as expected

Note

testing the 1.30500 resistance

Note

a break of the new resistance will be needed to add longs

InkyGrip

Related publications

GBPJPY on a retracement move 🦐

by InkyGrip

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.