USD / CAD: Our expectations: After the long midterm movement, the price has made a correction and formed a consolidation that is normal after the upward movement. Price Action shows us that the price is shaping higher bottoms, just above horizontal support and diagonal support. Fibo level of the correction is 23.6%. You can wait for a slightly better price for an entry with a close SL.
An alternative scenario: Passing the price below the horizontal and diagonal support below 1.36500 will not only spoil this bullish scenario but can give us a short signal.
Comment: Price Action - Higher lows- Probable long Signal.
DEM (14) - is in the middle of the range, which does not help us much in this situation, but it also shows us that the current price is not in overbought territory.
50 SMA / 200 SMA - In bullish formation which supports our anticipation of the future movement.
Сенан Фучеджиев - Trader
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