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USDCAD Looks to Channel Support

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This time of year is a good time for an assessment of your past year’s worth of trading. It’s also a great time to prepare for the new year. Get your trading journal ready to go, modify your trading plan where necessary, etc.

The markets still aren’t producing much, which is to be expected given that we’re still in the midst of the holiday lull. That said, I am keeping an eye on this USDCAD channel. The pair looks fairly overextended at the moment which leaves me thinking that a pullback to channel support is in order.

I’ll be watching the area highlighted in green for bullish price action. The absence of a bullish signal there and a break of channel support would send the market to the next area of support around 1.1260.

Summary: Wait for a pullback to channel support and then watch for bullish price action. Key resistance comes in at 1.1660 and 1.1810

USDCAD daily forex chart

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