**Monthly Chart**
After the relative double bottom of year 2011, USDCAD's long-term trend is bullish. The long-term directional bias is moving into a large range between 1.46500 and 1.20220 levels from Jan 2016.
Last month candle closed at the high but was unable to continue higher which followed by this month's candle which opened at the high and dived lower. Bouncing from the Sell zone near 1.4000 level indicates that the short-term directional bias for this pair is bearish.
**Weekly Chart**
When I go to a lower time frame - The weekly chart shows that the clear directional bias is short near extreme high points and long near extreme low. This is because the price is ranging from Sept 2023. A small range within the large range. Although the long-term directional bias is still bullish, I am looking for short until the price reaches 1.31000 level from here.
**Daily Chart**
In the last two weeks, there were good selling opportunities near supply zones after it tested the liquidity candle (or FVG). This can be seen clearly in the lower time frames.
After the relative double bottom of year 2011, USDCAD's long-term trend is bullish. The long-term directional bias is moving into a large range between 1.46500 and 1.20220 levels from Jan 2016.
Last month candle closed at the high but was unable to continue higher which followed by this month's candle which opened at the high and dived lower. Bouncing from the Sell zone near 1.4000 level indicates that the short-term directional bias for this pair is bearish.
**Weekly Chart**
When I go to a lower time frame - The weekly chart shows that the clear directional bias is short near extreme high points and long near extreme low. This is because the price is ranging from Sept 2023. A small range within the large range. Although the long-term directional bias is still bullish, I am looking for short until the price reaches 1.31000 level from here.
**Daily Chart**
In the last two weeks, there were good selling opportunities near supply zones after it tested the liquidity candle (or FVG). This can be seen clearly in the lower time frames.
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Join our PropSignals Channels on Telegram
t.me/PropsignalAE
t.me/PropsignalAE
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.