An interesting situation has arisen for the USD/CAD pair.
From the lows at 1.32, it seems that a new positive trend emerged and has just now crossed over some previous highs, where prices have formed some interesting patterns (see red circle).
The areas where different patterns are formed are particularly important not only when they are formed, but especially afterwards!
These levels, in fact, represent very important supports / resistances, which we can use as entry levels, as well as target areas.
In the case of USDCAD, prices have just secured several bullish candles (green circle) just in conjunction with an area where several downward candles (red circle) have been broken upwards as evidence that this could be a major reversal.
To add value to this analysis, we have the SENTIMENT TRADING, where most traders are positioned SHORT, which makes us hope for a rally!
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