Double top on USDCAD with possibilty of new lower low
Hello guys, first analysis that I'd like to post is on USDCAD.
Last week we saw a big rollover on the USD pair, as FED cuts and the NFP trying to trick people: gold seems ready to restart the push higher so here is my idea on UC.
Early last week we saw this pair pushing up to gain some liquidity and finding a resistence on a 50% retrament on a daily basis, and a perfect 78.6% on the real last push down that we had. So going to the 4H chart we see a nice double top in a big zone where we had our manipulations. We have a bullish trendline but the pressure seems to be strong on this pair. What I expect is to see a retest on the liquidity zone, after a confirmation candle I'd like to take the short to the highlighted zone.
Last week we saw a big rollover on the USD pair, as FED cuts and the NFP trying to trick people: gold seems ready to restart the push higher so here is my idea on UC.
Early last week we saw this pair pushing up to gain some liquidity and finding a resistence on a 50% retrament on a daily basis, and a perfect 78.6% on the real last push down that we had. So going to the 4H chart we see a nice double top in a big zone where we had our manipulations. We have a bullish trendline but the pressure seems to be strong on this pair. What I expect is to see a retest on the liquidity zone, after a confirmation candle I'd like to take the short to the highlighted zone.