USDCAD 8 hr & 4 hr -
I have used 2 different time zones to illustrate my point of view. The overall scenario is we can't ignore another move lower to testing FOMC lows. However; won't mind an intial small move higher towards 338X to see it fails there for short trades to be picked up.
Both the 4 & 8 hrs shows that any failure upon a retest ( and given almost a heavy consolidation mode to the current levels past 2 trading days ) and a failure can prompt a quick fire move to the lower side.
Alternatively - A break and a close higher to 3385-90 would prompt rallies to the north.
This makes 338X important going forward...
Tahir Khan, or better known online as Stryker has been dealing in the global markets for 15 years. He as developed extensive knowledge in FX / Indices / Commodities and Futures. He is one of the most active members on some of the best Forex forums in the world.
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