USDCAD Projections week of 8/12

12. Aug. 2019

USDCAD

Major Structure
Long-term Support Line
Important Price Level
Overall Bullish Trend

We have two beautiful and powerful support and resistance levels surrounding another important price level. Play the range or wait for the break, but more importantly, enjoy the amazing story unfolding. As if it was fate, a support line (not a trend line since it's below a bull trend) created late '17 and early '18 crossed through the bottom of the major level of support and price bounced cleanly off of it (first red circle). Due tot he major resistance level that caused price to reverse downward, another fateful meeting of the support line and zone could play out. I may only be projecting it because I want it to happen, but either way, welcome to FOREX theater :)