USDCAD is within the long-term uptrend channel
On the Monthly USDCAD chart, we can see that the pair is swinging inside in the first half of Andrew’s Pitchfork uptrend long-term channel and is bouncing off the median channel half support 1.2300-1.2350 zone. A confirmed bounce could lead to an upside reversal to 1.3000 again. For the upside reversal to be invalidated we need to see a confirmed break below 1.2300.
On a Weekly chart, we saw the Pitchfork channel sideways downtrend channel median line bounce off 1.2340. We could see an extension to a median line of the second channel half 1.3100 as long as the price action is above 1.2300. Look for the long trade entries with the stop loss below 1.2300 and target the median line of 1.3050.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts. To learn more about Andrews’s Pitchfork tool trading strategy register for education.
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