USDCAD, First long then short... (Read the caption)

By examining the 8-hour USDCAD chart, we can define the market structure as bearish.

There is a strong supply zone that broke the structure and also it coincided with the POC line, previously the price felt the FVG but could not enter to supply zone and was rejected.

Now the price created the liquidity pool formed as an equal high below the institutional flow.

So we can expect the price to rise to the supply zone and then fall.

I should mention the other supply zone that formed at 1.34362- 1.34644, we can look for a short-term sell position in that zone in a lower time frame.



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🗓️02/02/2024
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The price, as I expected, rose more than 165 Pips and then started to fall exactly from the institutional flow.

Almost 70 Pips have fallen so far.

I hope you use this TA.

I will update the chart on the new analysis.