USDCAD - Taking a break?

PAIR IN FOCUS: USDCAD
ACTION: OBSERVE / SHORT
HORIZON: SHORT TO MEDIUM-TERM

After a bear wave, price is currently ranging. In this circumstance, price is usually taking a break, and could continue another bearish leg further down. I have a bearish bias but we have to observe which direction it breaks, and wait for a retest of the range before any entry. Should price melt break down into the CZ, we need to observe price action if it will continue further, or rebound from there.

If price break upwards, we can look at potential retracement to the indicated support / resistance levels.

The TP levels are indicated on the chart. Remember to manage your risk!

Feel free to discuss and comment, Cheers!

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