Here I have USD/CAD on the 1 HR Chart!
Price has outlined a very clear Double Bottom pattern with the two Lows!
RSI is giving us a Bullish Divergence which tells me price really wants to work higher from this point!
Price has now broken the Confirmation of Pattern!
With this PA of now Higher Highs, we look for the next Low to be Higher than the Low of the Double Bottom being our INVALIDATION!
Fundamentally this week:
USD - Richmond Index (Tue) Flash PMI (Wed) Advance GDP, Unemployment, Durable Goods (Thur) Core CPE (Fri)
CAD - NHPI (Tue) BOC Monetary Policy, Rate Statement & Press Conference (Wed)
*If price does come down to test this break, I suspect the Support Zone @ Confirmation will be enough to catapult price up into the overhead Resistance Zone and Above!
Price has outlined a very clear Double Bottom pattern with the two Lows!
RSI is giving us a Bullish Divergence which tells me price really wants to work higher from this point!
Price has now broken the Confirmation of Pattern!
With this PA of now Higher Highs, we look for the next Low to be Higher than the Low of the Double Bottom being our INVALIDATION!
Fundamentally this week:
USD - Richmond Index (Tue) Flash PMI (Wed) Advance GDP, Unemployment, Durable Goods (Thur) Core CPE (Fri)
CAD - NHPI (Tue) BOC Monetary Policy, Rate Statement & Press Conference (Wed)
*If price does come down to test this break, I suspect the Support Zone @ Confirmation will be enough to catapult price up into the overhead Resistance Zone and Above!