🏛USD_CAD|WHEN TO EXPECT A REBOUND?🚀

15 במאי 2021

🏛USD_CAD has been in the free fall for quite some time now
And, lacking any nearby horizontal structures
We are forced to rely on the far away previous lows
So as to avoid operating in a complete vacuum
And as you can see the pair has just reached one of these lows
Which is labeled "support 1", from where a rebound move is possible
If this level gets broken, then the pair will keep falling until the "support 2" level is reached
Where it will be oversold to the point where a correction becomes inevitable
The natural limit for the rebound move would be the confluence of the previous broken horizontal level
And the falling resistance line.
To avoid finding oneself in the "catching the falling knife" situation
One would want to wait till the pair forms a reversal pattern at the support level
Which would then serve as a signal to enter a long trade
To ride the wave of the bullish correction!
LONG🚀

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