Vladimir Ribakov analyzes USD/CAD showing three consecutive lower highs and lows, a bearish structure. Price is at the lower Bollinger Band, historically followed by pullback. He plans to sell rallies at two zones: a horizontal supply level and the 138.00-138.50 volume-profile zone.
Chapters
Next one is dollar CAD, which develops very interesting condition here. Three lower highs, lower lows currently. Beautiful bearish control. Nothing here looks like it's about to stop this drop. So from my point of view, retraces to the upside and looking for the sell. Now here is a very interesting thing happening here. This is the second time the dollar CAD is riding on the lower part of the Bollinger Band. Last time it happened, we got a pullback towards the upper band. In rare cases, it could ride a bit longer and then make the correction. Regardless, for me, this is sell the rallies. What are the key levels where we should be looking for that to happen? We have this range. Let's put it as a horizontal zone here. We have this range for the supply. This range for the supply that creates a fantastic zone. So rallies towards there, looking for the sell. If it climbs slightly higher, we have the next key volume profile zone around the 138, 138.50. Also this little range before the sellers took control. These are the 2 major levels, uh, where and if retested, I will be looking for the sell.