USDCAD READY TO REVERSE? Catch the sell before the push upward.
-Price found support at the monthly/weekly support or demand zone and began it's push up.
-After an extended push to the upside (or bullish pressure), it appears price is preparing to make a retracement.
-Price broke through the daily support level now, I am expecting price to retest this area.
-After drawing a Fibonacci, it appears the 50.0 fib level corresponds with the daily support zone.
-A respect of this zone and level, is where I will look to enter a buy position and set a SL near or below the 78.6 fib level.
-A retracement to his level, will appear to form an inverse head and shoulder formation which is a bullish reversal candlestick pattern formation.
-That formation along with the monthly/weekly support zone serves as 2 confirmations of bullish pressure
-After an extended push to the upside (or bullish pressure), it appears price is preparing to make a retracement.
-Price broke through the daily support level now, I am expecting price to retest this area.
-After drawing a Fibonacci, it appears the 50.0 fib level corresponds with the daily support zone.
-A respect of this zone and level, is where I will look to enter a buy position and set a SL near or below the 78.6 fib level.
-A retracement to his level, will appear to form an inverse head and shoulder formation which is a bullish reversal candlestick pattern formation.
-That formation along with the monthly/weekly support zone serves as 2 confirmations of bullish pressure
