I Believe USD/CAD is approaching a strong reversal area as it is forming a double top on the 10h time frame. I am expecting a break of the latest 10h support line (pink) down to the overall 10h support line (green). I also believe the (green) support will hold, creating a triple top before the pair finally crashes to the downside, finally reversing the trend.
Market Analysis based on 4H Timeframe.
Coming into this week I plan on looking for Buy trades, as I believe the market will shoot to the upside at or near one of the reversal points I have placed on the chart. ( Gold Lines) If the pair does happen to fall into the neutral area, (White Triangle), then I will be waiting for either a break back upward into the...
The RSI is showing Divergence on the 10h time frame. Once the 10H orange support line is broken, we should expect price to draw back to support/resistance then start the reversal downtrend.
