USDCAD converged to a very old supply level. The expectation is to see a drop very soon. But for now the price shows a flag that is a continuation pattern. That flag is a basing behavior of the price. It is consolidating in that price range. The continuation pattern suggests a potential new rally, completing in this a way a classic Supply and Demand Trading Pattern: Rally, Base, Rally.
The Price could go deeper inside the large supply level, before to drop.
I marked on chart 3 blue lines, that are resistances, as potential entry points. I have already sold in the lowest one, getting a small profit. The resistances define 3 small and better refined supply levels inside the large one.
In this trading scenario, I will skip to sell in the second resistance but I will keep my focus in the highest one for a potential sell trade.
What do you think about this currency?
Thank you
girolamoaloe.com
The Price could go deeper inside the large supply level, before to drop.
I marked on chart 3 blue lines, that are resistances, as potential entry points. I have already sold in the lowest one, getting a small profit. The resistances define 3 small and better refined supply levels inside the large one.
In this trading scenario, I will skip to sell in the second resistance but I will keep my focus in the highest one for a potential sell trade.
What do you think about this currency?
Thank you
girolamoaloe.com
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