Price broke out of its downtrend making lower lows & highs. After strong CAD data we should see the CAD Dollar re gaining some strength. Watching on the 4 hour for a breakout of the channel for good longs potentially back up to 92.000ish resistance !
The bulls continue to march, now price has broke its high base resistance many people thought it was a triple top & got stopped out. I waited to see how price would react to this zone once reaching it again & surely it broke though. The uptrend continues !
H4 - Price broke the downtrend line and the last high.
H1- Price broke the H1 last high and has created higher highs.
D1 - Based on the D1 cycle we will see limited bullish move as the main direction is bearish.
Bulls fighting to keep price to the upside, watching for a break of channel top (CTL) for longs to recent highs.. & potentially a higher high. Price sitting on a daily key level needs to break before considering any direction, Euro CPI numbers shortly could push this pair up to where it needs to go
H4 - Price broke above the channel and moving higher creating higher highs.
We can now look for short term buys.
You can use any setup and strategy that you have in your arsenal to look for bullish moves and join this short term buy trade.
Price came down to retrace nicely, now looking for potential long entries at the ascending trendline, or a break for a deeper pullback. Big news tomorrow for both the US & euro PPI numbers in the morning. Will this pair see multi year highs soon potentially reaching 1.23500?! Lets observe.. : )
Looks like this pair is ready to continue its bullish continuation after breaking its weekly downtrend line & now is getting ready for its next leg to the upside rejecting daily support. Something to keep an eye on!
CTL broken, retracement to the 50 fib level for a retest to broken trend line is possible, however the 38.2 region seems like a strong area price is failing to close below. Looking to take this setup next week :)