USDCAD - Double Bottom @ Ascending Daily Trendline
Hi Traders!
The market is neither in a clear Uptrend nor in a clear Downtrend.
As you can see, the market strongly went up.
But shortly after, we see how the market turned back down and how it's
starting to consolidate now.
Now we have two things which are confluencing:
- The Ascending Trendline
There is a purple ascending Trendline (Area) which
is important and often respected.
So, every time it got near to this Trendline, the
market got pressure and headed up. - The Double Bottom Pattern
We also see a Double Bottom Pattern.
The market stopped around an area, then it moved up,
it came down again, but it failed to make a firm lower Low.
That potentially means, that the market rejected the lower price.
There could be some potential bullish strength behind there.
The three targets for the bulls to make are:
#1 Reaching the Neckline / Last High, so the market doesn't make a lower High
which would be a strong Structure system and not too easy to break
#2 Break the Neckline, which would simoultanously be a higher High and a
great condition for moving higher
#3 The famous "61.8% of the Fibonacci Retracement" Tool, which many people use to enter/exit.
What do you think about USDCAD?
Leave a comment!
Thanks and successful Trading :-)!
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