USDCAD: Potential LONG waiting for confirmation
On the weekly timeframe,
we can see that this level is acting as a strong support.
There are also 2 weekly candles with long wicks now,
showing buying pressure from here.
On the 4-hour timeframe,
we can see that the price is still bearish
moving in a descending channel.
But we should also note that it is a bullish pattern.
The price is now at the resistance of the channel,
so we can expect it move downside.
It would be ideal if the price could form a
small bull flag and the breaks out of the channel.
This would be the confirmation for a LONG.
we can see that this level is acting as a strong support.
There are also 2 weekly candles with long wicks now,
showing buying pressure from here.
On the 4-hour timeframe,
we can see that the price is still bearish
moving in a descending channel.
But we should also note that it is a bullish pattern.
The price is now at the resistance of the channel,
so we can expect it move downside.
It would be ideal if the price could form a
small bull flag and the breaks out of the channel.
This would be the confirmation for a LONG.