The RSI shown on the USDCAD chart has closed above 40, and there was a large bull candle formation to complement the move up. Additionally, this is the first retracement within the trend.
Since the heaviest volumes are above the current price, I anticipate there will be a retracement into the demand zone and then trend continuation.
Based on the Renko bar chart (shown as a candlestick chart above), the price has yet to infiltrate the demand area on the chart.
Since the heaviest volumes are above the current price, I anticipate there will be a retracement into the demand zone and then trend continuation.
Based on the Renko bar chart (shown as a candlestick chart above), the price has yet to infiltrate the demand area on the chart.