USDCAD – VSA Market Analysis
In daily timeframe it is obvious that USDCAD is moving in Mark-up phase (market is rising). Up-trendline is supporting the price (price turned near this line 5 times already). Background is strong.
In H4 timeframe we can see that character of movement was changed after the price has broken resistance created by previous high (note that there was no weak signals in this timeframe or Reversal signal when price approached this resistance). After the resistance was broken, market started to move up with new pattern (angle is very steep). It is possible to draw another trendline here. There is no resistance at this price level. Background is strong, therefore we can look for a place to go long. But be careful if you see stopping volume or buying climax, because the angle of up-trendline is too steep. Very often you can see such movement before market reversal.