Hello traders,
One of the pairs that is giving us the clear view for the week(s) ahead is USDCAD. We are approaching support in a descending triangle formation. This formation is usually seen as bearish, as at resistance price was making lower highs and had one area of support.
This will be the 5th time pair touches this support, and remember more times support is touched more buy orders are filled, until there is no orders left and support breaks. This might be the time USDCAD breaks support and continues lower.
We will be monitoring the price action to see if any potential setups develop.
One of the pairs that is giving us the clear view for the week(s) ahead is USDCAD. We are approaching support in a descending triangle formation. This formation is usually seen as bearish, as at resistance price was making lower highs and had one area of support.
This will be the 5th time pair touches this support, and remember more times support is touched more buy orders are filled, until there is no orders left and support breaks. This might be the time USDCAD breaks support and continues lower.
We will be monitoring the price action to see if any potential setups develop.