Today is a high impact news event on CAD - Bank of Canada ( BoC ) Interest Rate Decision, so, let's prepare for it.
If we get pump upwards then there is a pretty strong resistance area which consists of multiple criteria:
1. Previously worked Super Resistances:
- The blue line matching exactly with Weekly EMA200 which should act as a resistance
- The orange line matching exactly with Monthly EMA 50 which should act as a resistance
2. Fibonacci golden ratio - 62%
3. Historically worked round number - 0.77000
4. The trendlines
...and the market structure also supporting that possible reversal inside the blue box because we have made some LH's and LL's.
Currently, the price is pretty far from it but the BoC decisions can drive it easily into this area. Those interest decisions are with high volatility!
Feel free to support my idea post by hitting the "LIKE" button, it is my only fee from You!
Have a nice day,
Best regards!
*This information is not a recommendation to buy or sell, it is used for educational purposes only!
If we get pump upwards then there is a pretty strong resistance area which consists of multiple criteria:
1. Previously worked Super Resistances:
- The blue line matching exactly with Weekly EMA200 which should act as a resistance
- The orange line matching exactly with Monthly EMA 50 which should act as a resistance
2. Fibonacci golden ratio - 62%
3. Historically worked round number - 0.77000
4. The trendlines
...and the market structure also supporting that possible reversal inside the blue box because we have made some LH's and LL's.
Currently, the price is pretty far from it but the BoC decisions can drive it easily into this area. Those interest decisions are with high volatility!
Feel free to support my idea post by hitting the "LIKE" button, it is my only fee from You!
Have a nice day,
Best regards!
*This information is not a recommendation to buy or sell, it is used for educational purposes only!