USDCAD H1 Distribution range
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Price failed to make higher high and break the supply edge of the range. Absorption at the supply.
Downward ease of movement backed up by increasing volume.
Supply channel forming.
Still some demand present, but markdown imminent.
Low risk entry would be a succesful test after a break down.
Downward ease of movement backed up by increasing volume.
Supply channel forming.
Still some demand present, but markdown imminent.
Low risk entry would be a succesful test after a break down.
Nota
Price continuing to make lower highs. Little progress and or effort towards the upside.
Nota
adjusted supply channelNota
update:Nota
before the GDP m/m for the CAD we saw a change in character. The distribution stopped and we could see accumulation taking place.USDCAD has been showing signs of strength since.
In the case of a break high, the test of the breakout from the channel would be considered a low risk entry.
Nota
It took a while but price broke the range to the upside. long positions should already have been taken, a retrace might offer another opportunity to buy at lower prices.
Closing this thread.
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