Been a while here! Trust y'all are catching pips.
USDCAD has been fully bearish but we might or might not be getting a reaction
on the trendline below. I would wait for more confirmation as the trendline has been touched
multiple times. Also, there is a demand zone below it so be careful not to buy too early.
But then again, a bullish pennant is formed signifying buyers ready to push forward.
All in all, two movements are possible:
1. Liquidation of the bullish trendline to pick orders from the demand zone below
2. A bounce from the bullish trendline (pennant chart pattern) and liquidation of sellers.
Have a productive weekend guys!
USDCAD has been fully bearish but we might or might not be getting a reaction
on the trendline below. I would wait for more confirmation as the trendline has been touched
multiple times. Also, there is a demand zone below it so be careful not to buy too early.
But then again, a bullish pennant is formed signifying buyers ready to push forward.
All in all, two movements are possible:
1. Liquidation of the bullish trendline to pick orders from the demand zone below
2. A bounce from the bullish trendline (pennant chart pattern) and liquidation of sellers.
Have a productive weekend guys!