USD/CAD Two Possibilities

OANDA:USDCAD   U.S. Dollar / Canadian Dollar
Price identified on the higher time frames indicates a price action movement towards the downside. We have now hit a supply zone and consolidation can now be observed, the market has been slow, possible causation of perhaps a Friday market. The DXY may see a short-lived upside movement towards the 4hr trend line , provided there is no high impact news that would drive it lower and then make it move lower, following the trend.
Comment: So far price action is respecting the identified 4 hourly trend line and we expect a breakout either to the upside or downside soon enough with greater liquidity injected.
Comment: If the DXY moves towards the upside, which as identified at the time of writing, it appears it may bounce off its support
Comment: Sorry for the lack of coherence in the updates, trading view won't allow me to post a full paragraph.


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