Direct from the desk of Dane Williams.
After USD/CAD's explosive move higher thanks to Corona and the shenanigans of the Saudi's interfering with the Oil market, the pair has been relatively quiet.
We'd spoken about one USD/CAD daily support/resistance zone, but with a few weeks of chopping u and down through it, I think it's time to move on.
Goodbye zone!
USD/CAD Daily:
Ah, it feels good to clear a messy chart and start fresh.
Support/resistance zones are dynamic beasts and the fresh price action always trumps what happened further back.
If the zone isn't being respected, then wait for a new clear zone to form before trading around it.
The whole point of using these higher time frame zones, is to have areas to manage our risk around.
If they're not being respected, then they're useless to trade around and therefore it's time to move on.
I'm not just OCD... I swear.
Best of probabilities to you,
Dane.
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Higher time frame market analysis.