girolamoaloe

USDCAD - Possible Rally, Base, Rally Pattern

FX:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD             converged to a very old supply level . The expectation is to see a drop very soon. But for now the price shows a flag that is a continuation pattern. That flag is a basing behavior of the price. It is consolidating in that price range. The continuation pattern suggests a potential new rally, completing in this a way a classic Supply and Demand Trading Pattern: Rally, Base, Rally.

The Price could go deeper inside the large supply level , before to drop.

I marked on chart 3 blue lines, that are resistances, as potential entry points. I have already sold in the lowest one, getting a small profit. The resistances define 3 small and better refined supply levels inside the large one.

In this trading scenario, I will skip to sell in the second resistance but I will keep my focus in the highest one for a potential sell trade.

What do you think about this currency?

Thank you

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