Greetings Forexia Crew, lets break down the USDCAD analysis. USDCAD has been up trending for two continues weeks. However, the pair has stopped its movement around round number 1.47000. Where most people consider selling of the resistance they have drawn. Whereas, i believe the has to go up to stophunt those early sellers before going down. The pair could have formed Thursday Reversal whereas i do not consider it to be. The pair has been acting strangely to reverse of the high of the previous day. The example below will show what i mean.
However, the pair has tested before London session, what could have been perfect is it to consolidate around the high forming little consolidation and induce/stop hunt high of the previous day. Then reverse, but it retraced of the high too early and did not show profits to yesterday’s sellers. Therefore, the pair will do one more push up to stop hunt sellers or continue pushing up.