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Textbook Range Play on the USDCAD
The USDCAD has been behaving as per the expectations of the Wyckoff Cycle for quite a while now, which provides an insightful outlook on the likely behaviour of the price action in the near future.
Following the completion of the last Markdown, the pair went on to start establishing the current Accumulation range. Its existence is confirmed by the ADX indicator, which has been threading below the crucial 25-point benchmark since the 14th of May.
The development of a Hammer candle, which entails rising bullish pressure around the lower boundary of the Accumulation (at 1.20250), means that the price action has indeed bottomed out at the lower end of the Accumulation.
Hence, the price of the USDCAD is now ready to head towards the range's upper boundary at 1.21350. Before it can do so, however, the price would have to break out above the 50-day MA (in green) and the 100-day MA (in blue).
Following the completion of the last Markdown, the pair went on to start establishing the current Accumulation range. Its existence is confirmed by the ADX indicator, which has been threading below the crucial 25-point benchmark since the 14th of May.
The development of a Hammer candle, which entails rising bullish pressure around the lower boundary of the Accumulation (at 1.20250), means that the price action has indeed bottomed out at the lower end of the Accumulation.
Hence, the price of the USDCAD is now ready to head towards the range's upper boundary at 1.21350. Before it can do so, however, the price would have to break out above the 50-day MA (in green) and the 100-day MA (in blue).
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