USDCAD REVERSAL WITHIN A CHANNEL OR BREAKOUT?
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NOTE: Watch out for how price reacts to the blue levelKomentarz
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I have opened a position although, I need to watch out for how the current candle closes
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I still think this position is valid, although this candle's weakness could be induced by the failure of the Yesterday's candle to breach the resistance level at 1.332788
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Price is pausing, could be an attempt for retracement toward the neckline.
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I shall be looking at the box above for signals of price reversal or continuation by reference of successful or unsuccessful breakout or pattern formations.
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As price is still in the channel, I think the good course of action is to pull out my position and wait for the success or failure of the breakout.
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On the long term, price bounced off the point A, which seems to bear some similarities to the point B were price recently retracted and is in the move toward its direction.
This could mean it might be heading to form a double top formation or to break the level.
The current candles are very strong, and could push price further, unless if weak candles will emerge next week.
Still I am keeping an eye on what price does currently.
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Price is still within the box
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In the Daily tf I think price can either move toward A, B, or C. other possiblillities need to be checked as the price moves.
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Price has broken bellow the box and later the strong support level were is now consolidating.
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I have opened a sell position with expectation that a bearish move is at bay, Although I will keep an eye on the possibility of a full reversal
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