USDCAD retest the 1.30500 🦐

USDCAD on the 4h chart after the rejection by the weekly resistance retraced into a descending channel to the 0.382 Fibonacci level.
The price is now trading below a minor resistance and a trendline creating an interesting confluence zone.

How can i approach this scenario?

I will wait for a potential break above of the point and in that case i will look for a nice long order until the resistance according to the Plancton's strategy rules.

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Follow the Shrimp 🦐

Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.


Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger

Commento:

the market is now breaking above the confluence zone

Commento:

a nice move to the upside as expected

Commento:

testing the 1.30500 resistance

Commento:

a break of the new resistance will be needed to add longs