USDCAD REVERSAL WITHIN A CHANNEL OR BREAKOUT?
Updated
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NOTE: Watch out for how price reacts to the blue levelComment
Trade active
I have opened a position although, I need to watch out for how the current candle closes
Trade active
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
Trade active
Price is pausing, could be an attempt for retracement toward the neckline.
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Trade active
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.
Trade active
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.
Comment
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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