Price action has formed an ascending wedge pattern on the 4hr chart and an inverse Head and Shoulders Pattern on the 30min/1 hr chart of the USD/CAD. Dailly chart shows price is between the 38.2 and 23.6 fibo levels. Thus, the possibility of price resisting this level is high. However, price might still retest the 50-60 fibo levels. In my case, I would wait for a...
At the bottom of the channel , we have an hourly descending flag. Price bounced off key support region. Possible movement to the upside of the channel. This analysis is strictly technical. Based off simple chart patterns and confluent zones of support and resistance. Thus, consider looking for long opportunities on smaller timeframes.
