possible cup with handle formation, expecting move higher to the purple line, I will go long only if price will move lower and make support from previous ressistance, so long from green lines, stoploss below handle
daily view:
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ForceFollower
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USD has become pretty strong, but the CAD is still neutral by my measures. I wonder if this relation is going to turn bullish indeed.
What is strange is that price has failed to reach 0.618 retracement - it was almost there. It may be a reason for the current breakout to turn out to be a fakeout and decline may resume. It also failed to correct down to the 100% level of the prior major correction (the red level). But the bounce off the bull trend line looks very nice and it looks like the rally will ensue. First it's going to face the lower MLH though (resistance).
What is strange is that price has failed to reach 0.618 retracement - it was almost there. It may be a reason for the current breakout to turn out to be a fakeout and decline may resume. It also failed to correct down to the 100% level of the prior major correction (the red level). But the bounce off the bull trend line looks very nice and it looks like the rally will ensue. First it's going to face the lower MLH though (resistance).