This pair was in a Bullish Expanding Channel last week due to the Pfizer Vaccine news which helped Oil prices to go up. The pair has now formed a "Falling Wedge" Pattern on the H4 Chart. The improvement in the Canadian Manufacturing sector and a gradual growth in Oil Prices is good reason to be Bullish on this pair.
Sellers have broken out of the Bullish Channel and are now moving the price in a New Bearish Expanding Channel on H1 Chart.
Sellers are still in control. We have a Confluence of Three Types of Support in the 78.85 - 79.15 area which indicates that we may have a lot of Buyers in this area. The Green Circle is our first Buy Area.
Looking at the Chart, we see a Drop Base Rally (DBR) at the 78 Area. This means there are Unfilled Buy Orders in the 78 price area. This area has been tested only once, so it is a fresh buying level.
As usual we enter with a tight stop loss to reduce our risk, in case the market reverses and changes direction. Don't forget to use good risk management too. Cheers!!
Sellers have broken out of the Bullish Channel and are now moving the price in a New Bearish Expanding Channel on H1 Chart.
Sellers are still in control. We have a Confluence of Three Types of Support in the 78.85 - 79.15 area which indicates that we may have a lot of Buyers in this area. The Green Circle is our first Buy Area.
Looking at the Chart, we see a Drop Base Rally (DBR) at the 78 Area. This means there are Unfilled Buy Orders in the 78 price area. This area has been tested only once, so it is a fresh buying level.
As usual we enter with a tight stop loss to reduce our risk, in case the market reverses and changes direction. Don't forget to use good risk management too. Cheers!!