USD/CAD - Long (Time frame confluence)
I am a very conservative trader and like to always trde with the trend based on multiple time frames.
On the monthly you can clearly see a massive cup and handle that has formed and is on the verge of a breakout (BULLISH)
On the weekly price action broke out of the large falling wedge, pulled back to the .5 fib retracement and bounced (BULLISH)
We look for entry points now on the daily. for a more aggressive approach if price rejects the support line shown with long wicks go long (high risk) for a more conservative approach wait for price to break out of falling channel
On the monthly you can clearly see a massive cup and handle that has formed and is on the verge of a breakout (BULLISH)
On the weekly price action broke out of the large falling wedge, pulled back to the .5 fib retracement and bounced (BULLISH)
We look for entry points now on the daily. for a more aggressive approach if price rejects the support line shown with long wicks go long (high risk) for a more conservative approach wait for price to break out of falling channel
Note
Approaching trendline. Idea still in effect
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