As you can see, I expected that the price rose to more than 180 Pips and had a bearish reaction after collecting the liquidity above the previous high.
Now, by examining the 12-hour chart we can see the price created the FVG and I expect it to fill in the short term, then we can define a bullish order block where we should study the price in the lower time frame and see the bullish reaction in this zone.
So if the price stays below 1.3506, the price falls more to 1.3366- 1.33875
💡Wait for the update! 🗓️07/02/2024 🔎 DYOR
💌It is my honor to share your comments with me💌
Comment
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The price dropped more than 46 Pips and had a bullish reaction after touching 50% of FVG. Let's see if the price can fill the FVG or will rise from here.
Hi! ❤ I think USDCAD will reach $1.3505, after which the price can make a little correction and then continue to move up to the supply zone 👀
VahidTradingCR
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@FirstNameHelen, since the price entered the FVG, it is possible. Also, the supply zone is an important level that price interest to tested.
cobykandoni64
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im long on the pair jumped in after the fundemantal on friday however i think we need to go higher as we broke out of a bearish channel on the weeekly or daily timeframe and retest was done last week on the channel so im expecting more buyers to step in after sweep,the bullish bias stay as long as supply zone highs was never sweeped,some sellers must be taken out for others to join
VahidTradingCR
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@cobykandoni64, Thanks for sharing your insights with us 🙏🏽🌹
WalterMoon
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In my mind, USDCAD can fall to support area, where it some time trades and later maybe continues to decline, we'll see
VahidTradingCR
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@WalterMoon, Interesting View. Thanks for sharing your idea with us.
I think USDCAD will reach $1.3505, after which the price can make a little correction and then continue to move up to the supply zone 👀