USDCAD Breakout Continuation Play
1.2369 has been a key upper boundary to watch. Four key price action points that I have been watching point to upside potential.
1. I wouldn't necessarily classify this as a fakeout. However, price traded below and failed to push lower at this point. Price went back above the 1.23165 lower boundary level.
2. This is a drift term. After a bullish spike, price began drifting lower and stabilized above the 1.23165 level. This is a good sign as price fails to break lower.
3. Another higher low as the price drift exhausted faster than expected.
4. This is the key upper boundary that I'm watching. Now that price is holding above this level, I am optimistic that there is further upside potential.
1. I wouldn't necessarily classify this as a fakeout. However, price traded below and failed to push lower at this point. Price went back above the 1.23165 lower boundary level.
2. This is a drift term. After a bullish spike, price began drifting lower and stabilized above the 1.23165 level. This is a good sign as price fails to break lower.
3. Another higher low as the price drift exhausted faster than expected.
4. This is the key upper boundary that I'm watching. Now that price is holding above this level, I am optimistic that there is further upside potential.
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