Stop Loss Hunting for USDCAD

For this pair, Now the price is at the bottom of the range structure. From what iI anticipate that those who buy just from looking at the support and resistance will place their stop loss right bottom of the range stucture where the stop loss hunting will take place and wipe off all the buyers and also the FOMO traders who bought earlier. So when the Stop Loss hunting is done, then Most traders will think that this is a Sell opportunity which will trick them into selling. this way they will continue the initial move up after taking all the stop loss.

Kommentar:

The Stop loss Hunting did not occur but rised higher. Target to hunt the sellers stop loss zone at the top.