1) I anticipate that USDCAD will experience an increase until it reaches the level that has been plotted before, then it will decline there.
2) This is because if we look at the previous structure, it was in an uptrend.
3) My focus is on selling when the price reaches that plotted level.
4) Additionally, the Awesome Oscillator (AO) is likely to make a divergence as the structure forms a Higher High (HH) there.
5) At that plotted level, there is confluence with Support and Resistance (SnR) areas, as indicated by the arrow that has been plotted.
6) This level also confluences with the trendline and also with Fibonacci retracement levels of 1.236 and 1.618.
Considering these factors together, I plan to sell at the plotted level because I believe that the market conditions will support a downward movement after reaching that level.
2) This is because if we look at the previous structure, it was in an uptrend.
3) My focus is on selling when the price reaches that plotted level.
4) Additionally, the Awesome Oscillator (AO) is likely to make a divergence as the structure forms a Higher High (HH) there.
5) At that plotted level, there is confluence with Support and Resistance (SnR) areas, as indicated by the arrow that has been plotted.
6) This level also confluences with the trendline and also with Fibonacci retracement levels of 1.236 and 1.618.
Considering these factors together, I plan to sell at the plotted level because I believe that the market conditions will support a downward movement after reaching that level.