I don't know about you but I've got deja vu
Maybe I should just let the chart do the talking.
USDCAD daily chart
Now just in case you need to understand what I'm seeing (cos quite often my mind can be floating off in a world of it's own), what can we see.
Old resistance being tested around 1.3150
Further old resistance ahead at 1.3190
Underside of broken support line from May
55 wma and 200 dma at 1.3255/67
38.2 fib of the 2016 drop at 1.3312
Loads of support, some of which has been tested and held. Just over a week out from the FOMC. Can the levels hold before then? They look strong enough to put up a decent fight. Can they hold on a rate hike next week. I very much doubt it.
That's the conditions set out, trade it accordingly. Like the Aussie trade earlier. Know where the market's mind is and you know how to protect yourself.