USDCAD 1-hour Wyckoff Distribution Idea

USDCAD it´s currently in a daily TR, it has hit a support level in this time frame. We zoom in to the hourly-chart and we have spotted an accumulation and spring, it still needs to produce a BU before rallying. This price action happended at the daily support level. Our target is a Daily resistance level. An analoge chart is GBPAUD from 04.16.2021.

I forgot to mention that it still needs to produce a BU before rallying. I´m thinking it will tap into the mean of the TR and then rally. It could also just touch the broken resistance level of the TR and rally.

Good look trading. Let me know what you think.

Yorum:

the heading says distribution, i meant to write accumulation.

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