Waiting for a Definition on USD/CAD
Good Morning traders! Today we bring you our analysis in USD/CAD. We want to show you what we are looking for in this pair.
🔸As we can see, the price is in a bullish channel and started a pullback after bouncing off the upper trend line.
🔸Now, it is in a consolidation process with no clear direction.
🔸What we are waiting for is a possible retest of the lower trend line.
🔸If this happens, we have two possible scenarios:
- Bullish Vision: the price bounces and starts a new bullish momentum towards the Resistance zone.
- Bearish Vision: the price breaks the channel and generates a movement towards the support zone. If this happens, after the break of the channel, we will wait for a corrective move.
🔸As we can see, the price is in a bullish channel and started a pullback after bouncing off the upper trend line.
🔸Now, it is in a consolidation process with no clear direction.
🔸What we are waiting for is a possible retest of the lower trend line.
🔸If this happens, we have two possible scenarios:
- Bullish Vision: the price bounces and starts a new bullish momentum towards the Resistance zone.
- Bearish Vision: the price breaks the channel and generates a movement towards the support zone. If this happens, after the break of the channel, we will wait for a corrective move.