USDCAD

3 Jul

Key Levels


1. OB (Order Block) Zone:
-Lower Bound: Approximately 1.35980
-Upper Bound: Approximately 1.36500
2. BOB (Breakout Block) Zone:
-Lower Bound: Approximately 1.38000
-Upper Bound: Approximately 1.38100
Current Price:
-The current price is around 1.36684.
Observations:
1. Order Block (OB) Zone:
-This zone represents a strong demand area where buyers previously showed significant interest.
-The price is currently close to this OB zone, indicating potential support.
2. Breakout Block (BOB) Zone:
-This zone represents a strong resistance area where sellers have previously shown significant interest.
-If the price reaches this zone, it may face selling pressure.
3. Potential Price Action:
-The chart shows a potential bullish move from the OB zone towards the BOB zone.
-If the price holds above the OB zone, it may indicate strong buying interest, leading to a potential rally towards the BOB zone.
-The curved arrow suggests a possible bullish trajectory from the current level, passing through the OB zone, and heading towards the BOB zone around 1.38100.
Conclusion:
• Bullish Scenario:
-If the price holds above the OB zone (1.35980 - 1.36500), we can expect a bullish move towards the BOB zone (1.38000 - 1.38100).
-The price may face resistance around 1.38000 - 1.38100, where sellers might step in.
• Bearish Scenario:
-If the price falls below the OB zone (1.35980), it could indicate a bearish continuation, and further downside can be expected.
Trading Strategy:
• Entry Point: Consider entering a long position near the OB zone (1.35980 - 1.36500) if there are signs of bullish reversal.
• Target: Aim for the BOB zone (1.38000 - 1.38100) as the target.
• Stop Loss: Place a stop loss below the OB zone (around 1.35980) to manage risk.