This pair was in a Bullish Expanding Channel last week due to the Pfizer Vaccine news which helped Oil prices to go up. The pair has now formed a "Falling Wedge" Pattern on the H4 Chart. The improvement in the Canadian Manufacturing sector and a gradual growth in Oil Prices is good reason to be Bullish on this pair.
Sellers have broken out of the Bullish Channel and are now moving the price in a New Bearish Expanding Channel on H1 Chart.
Sellers are still in control. We have a Confluence of Three Types of Support in the 78.85 - 79.15 area which indicates that we may have a lot of Buyers in this area. The Green Circle is our first Buy Area.
Looking at the Chart, we see a Drop Base Rally (DBR) at the 78 Area. This means there are Unfilled Buy Orders in the 78 price area. This area has been tested only once, so it is a fresh buying level.
As usual we enter with a tight stop loss to reduce our risk, in case the market reverses and changes direction. Don't forget to use good risk management too. Cheers!!