USDCAD Bottom Of Structure, Watch for reversal
Updated
Hello traders:
Looking at USDCAD and its current price action for the possible bullish move up.
On the higher time frame, we can see a clear impulse phase up, and a larger, parallel channel like correction that has been going on for many years.
Price is right back to a double bottoms, and there is a lower time frame bullish reversal impulse.
Now lets take a look at the lower time frames, we see a similar correctional structure after the bullish impulse up.
These are good signs of multi-time frames that have the same direction and bias, can further strength our outlook and overview view.
Now that on the LTFs, we see a small, double bottoms, and a descending channel. Price has indeed reverse up from the descending channel correction.
To confirm more upside, wait for another LTF continuation correction to form, to validate the next up move.
Thank you
Note
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