TradingTechs

Possible Bear flag in USDCAD

OANDA:USDCAD   U.S. Dollar / Canadian Dollar
140 0 13
After the sharp move down in the beginning of the year, USDCAD             broke out of the trend and created an upward channel. It has recently tested the 50% Fib and sellers responded immediately as seen by the purple candle. Pattern looks like a bear flag although we are still miles away from confirming it. A break of the lower bound of the channel is needed to confirm it
Comment: Hit the Mara to the tick (purple line) and reversed
Comment: Pardon me I meant to the pip. Used to futures analysis
Comment: Entering an area of support ( cluster of highs). Next support comes in at 1.33 area (38.2% Fib) and critical support around 1.3280 area (previous support, Mara, and swing lows)
Comment: Bounced off support as previously discussed and near swing highs. Watch out for a stop run above previous swing highs at 1.3589
Comment: USDCAD needs a close below the small trendline for a move lower in our opinion
snapshot
Comment: Broke inside day lows
snapshot
Comment: Breaking through area of support. A close below is needed for a sustained move
Comment:
snapshot
Comment: USDCAD approaching lower bound of the channel
snapshot
Comment: Pair testing the trendline and lower bound of the channel
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Comment: Pair breaking through the lower bound
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