USDCAD Currently in a nice uptrending channel. The ABCD pattern ends nicely at the Trendline drawn in the analysis. The idea is to wait for price to retrace down to the 0.618 - 0.707 fibonacchi retracement area, potentially test the channel and then initiate a buy. Profit targets either at support structure (1st arrow) or test of trendline (2nd arrow).
The 14-period RSI on 4hour currently shows Bullish Divergence but for added confluence and better entry be patience for price to retrace to the green box
Like and Follow!
The 14-period RSI on 4hour currently shows Bullish Divergence but for added confluence and better entry be patience for price to retrace to the green box
Like and Follow!
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Bigger picture to showcase the Trendline.
