Just another support/resistance level working in both directions for traders to manage their risk around, this time on USD/CAD.
Take a look at the level highlighted on the daily chart below:
USD/CAD Daily:
I’ve removed the USD/CAD bullish channel because it’s obviously trending upward, and the only thing that matters right now is the horizontal level.
Keeping in mind that we want to always be trading in either the direction of the higher time frame level, or in this case the massive daily bullish trend. As you can tell, we are starting to paint a picture as to why we should be looking at getting long.
Depending on how aggressive you are as a trader, you have a multitude of levels to choose to manage your risk around across all time frames.
