Direct from the desk of Dane Williams.
With USD/CAD bouncing off daily support and seeing some follow-through, it looks like price has reached its first higher time frame resistance zone.
Take a look at the Loonie daily below.
USD/CAD Daily:
You can see that price is retesting the zone where price really broke out of on the way down, this time as resistance.
The rejection looks pretty clean and we didn't really get a conservative entry point on an intraday retest of short term support turned resistance, but we'll see what happens from here.
Best of probabilities to you,
Dane.
FOREX BROKR | Hive Blog
Higher time frame market analysis.