USDCAD Break or Bounce?

USDCAD: Another juicy pair setting itself up for the week. Breaking it down we can see how the daily is creating a double bottom formation at 1.39500 key psychological support. Reading the candlesticks notice how we start to slow down as we approach this area. Though we do not have any indication to get in just yet, we might have to hold off for more daily closures to confirm. Though scaling down to the 4hr notice how we are creating Ws on Ws or double bottoms on double bottoms. If price manages to sustain and hold above this area look for longs to 1.42250 key psych also the top of this short-term ranging market.

Commentaire:

USDCAD: Testing areas of support, if price manages to close and hold below 1.39500 key psychological then, we can potentially look for shorts down to 1.36500. We will reevaluate the next candlestick closures

Commentaire:

USDCAD: Strong bullish engulfing, pushing price back in range. If price comes down to test as support around 1.39500 key zone, look to buy.

Commentaire:

USDCAD: broke below 1.39750 key psychological and snapped back above support (fake out). Price managed to close off a strong daily candlestick which engulfed six days of daily price action.

-New mark up coming soon