USDCAD-Potential Shift in Momentum After Equal Highs Liquidation
USDCAD appears to be potentially gearing for bearish momentum now that the equal highs have been liquidated. This is more of a forecast regarding a possible change in direction rather than a specific trade idea. On a higher timeframe, my bias remains bullish, as I still expect the equal high liquidity at the 1.46965 level to eventually be traded through. However, I'll be monitoring for bearish price action and confluences when the market opens on Sunday. Price has been consolidating since mid-December, forming relatively equal highs, which suggests that the bullish momentum might be losing strength. This consolidation could signal a shift in market dynamics, and I will look for confirmation of this potential shift before making any trading decisions.
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