USDCAD - retesting lower support line
Hi, my take on USDCAD
Price made a double bottom recently , then move up in a strong impulsive move. Then it formed a consolidation period (between line A & B).
Price just retested the support line B again, and as we can see the downward move 2 (blue arrow no 2 ) has lower volume wave (on Weiss volume indicator) than the downward move 1 (blue arrow no 1), which may indicate no strong selling interest to push the price much lower.
We can also see the candle labelled C (green up arrow), which has lower volume than the previous 2 candles , so this is a NO SUPPLY candle at support.
I'm looking forward for price to move up again at least till the upper line A.
Trade at your own risk. Comments are welcomed.
Price made a double bottom recently , then move up in a strong impulsive move. Then it formed a consolidation period (between line A & B).
Price just retested the support line B again, and as we can see the downward move 2 (blue arrow no 2 ) has lower volume wave (on Weiss volume indicator) than the downward move 1 (blue arrow no 1), which may indicate no strong selling interest to push the price much lower.
We can also see the candle labelled C (green up arrow), which has lower volume than the previous 2 candles , so this is a NO SUPPLY candle at support.
I'm looking forward for price to move up again at least till the upper line A.
Trade at your own risk. Comments are welcomed.