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Usdcadsetup

USDCAD CONSOLIDATING 2 POSSIBLE SCENARIOSHey traders, Here on USDCAD we can see price is consolidating at this point. Price has rejected the orange trend line multiple times. Buyers have struggled to push price above as seen by the 4 wicks representing sellers taking control. However sellers have not been able to push price further down. With low liquidity the rest of the week due to American Thanksgiving, I don't think we will get a clear signal until next week. If price can break the previous week's high bulls will be in control. However if price can break below the lower orange shaded area. Then my bias will turn bearish.
by FXShinobi
USDCAD LOOKING LIKE ITS HEADING HIGHERHey traders, My analysis on USDCAD has changed. It seems like price has been consistently forming higher highs and higher lows now. Price is trying to break through the previous high of 1.3270 currently. Today on the daily chart's we had a huge bullish close which engulfed the previous couple of candles. I see a move to the upside until the upper blue trend line. Simple price action and analysis. I was initially short to start the week but my bias has changed due to price action and reanalyzing the charts. Again I may be wrong with my analysis, but the key to being profitable is risk management. Cut your losses short and let your winners run.
Long
by FXShinobi