Bearish momentum has continued to wane on USD/CAD, as bears continue to make hard work of fresh cycle lows. That has allowed a bullish RSI divergence to form on the daily chart alongside a falling wedge pattern.
That is has formed around historical VPOC (volume point of controls) adds further weight to the potential bullish reversal. Also note that a bullish engulfing candle formed on Wednesday to suggest a bullish breakout could be pending.
Bulls could seek dips towards the September VPOC in anticipation of a bullish breakout, and retain a bullish prices while they remain above recent swing lows. The core target is the base of the wedge, just below 1.4.
Matt Simpson, Market Analyst at City Index and Forex.com
That is has formed around historical VPOC (volume point of controls) adds further weight to the potential bullish reversal. Also note that a bullish engulfing candle formed on Wednesday to suggest a bullish breakout could be pending.
Bulls could seek dips towards the September VPOC in anticipation of a bullish breakout, and retain a bullish prices while they remain above recent swing lows. The core target is the base of the wedge, just below 1.4.
Matt Simpson, Market Analyst at City Index and Forex.com
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Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.