USDCAD POSSIBLE MOVEMENTS
Been a while here! Trust y'all are catching pips.
USDCAD has been fully bearish but we might or might not be getting a reaction
on the trendline below. I would wait for more confirmation as the trendline has been touched
multiple times. Also, there is a demand zone below it so be careful not to buy too early.
But then again, a bullish pennant is formed signifying buyers ready to push forward.
All in all, two movements are possible:
1. Liquidation of the bullish trendline to pick orders from the demand zone below
2. A bounce from the bullish trendline (pennant chart pattern) and liquidation of sellers.
Have a productive weekend guys!
USDCAD has been fully bearish but we might or might not be getting a reaction
on the trendline below. I would wait for more confirmation as the trendline has been touched
multiple times. Also, there is a demand zone below it so be careful not to buy too early.
But then again, a bullish pennant is formed signifying buyers ready to push forward.
All in all, two movements are possible:
1. Liquidation of the bullish trendline to pick orders from the demand zone below
2. A bounce from the bullish trendline (pennant chart pattern) and liquidation of sellers.
Have a productive weekend guys!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.