On the daily chart of USDCAD, price is still within the triangle formation. Price also visited month of May, low of 1.0107 before moving up. This is a very strong support zone because price failed to break through. (Tflow® students if put in your Fibo-r you can see that price is nicely resting on the key levels)
On the H4 Chart, we can see that a new higher high and a higher low being formed. It seems like the bull are coming over strongly. However for the bulls to continue charging up, it must surpass the immediate resistance of recent high which is Tuesday high as well as Week 30 high!
If bulls managed to break through, we should aim to take profit at the upper channel of the triangle formation before the bears joins in the fight.
What can Tflow® Students do?
We have already identify the flow, now we should wait for Tflow® Pattern to form in the lower timeframe before triggering the trade.
To find out more, you can join our free forex seminar where we are going to showcase Tflow®.
