USDCAD is converging to an old fresh supply level

٢٩ سبتمبر ٢٠١٥

USDCAD is converging to a fresh supply level after years. I take in consideration the possibility to sell in that level, in the convercenge, if it will be possible.

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One important thing to take in consideration is that the trend is bullish for the long term and the USDCAD chart is overextended, then that supply level can be a good opportunity for sell trades.

I don't have a particular trading plan for the moment other than to take advantage from the selling in the supply. The price action will suggest what could be a good trading plan.

This is the monthly chart and it seems to have too many levels. But anyway, Supply and Demand Levels that you see are drawn on weekly chart.