USDCAD - Bullish Pullback expected - Bullish Indications

1 באפר׳ 2022

Hi Traders!

Here is our analysis of this pair:

• Market is in a Downtrend which started around 9th of March at a price of 1.29
  
• On 28th of March price made a Low @ 1.24600
  
• After the Low we have a conspicuous bullish candle with a big bullish wick
  --> What does that mean?
  --> First Bullish Attempt to move the price higher
  --> Loose in the first place, but...
  --> Sellers probably felt first feeling of unsureness
  --> Sellers looking to cash out their position
  --> Price moves higher
  
• Market moved lower and made an Exhaustion Candle
  --> What does that mean?
  --> Now the Buyers win
  --> Stop Hunting is also imaginable
  
• Price moved up and made a Fractal
  
• It moved down and it is the first Higher Low since the beginning of the Downtrend
  --> Buyers accept a higher price for this pair
  --> First sign of Trend Change
  --> Downtrend was LHs and LLs, now we have a LHs and HL --> weaker
  
• The price even broke the Level of the Fractal Resistance recently
  
  
  
  Target:
  
• On the higher TF, we have this picture:
  
  
  
  --> TP should not be too far away
  
  
• Aggressive Area: Between "Area of Control" and 50.0% Fib' Level
  
• Conservative Area: Between 50.0% and 38.2% Fibonacci Level
  
  
  
  After the Target, we expect a Down-Movement due to the situation on the higher TF.
  
  
  
  
  

If you have any questions, another Point of View or anything else to share, don't hesitate to comment!




Thanks and successful Trading :-)!



----------------------------------------------------------------

***Trade at your own risk***
***Not every idea is traded by us***