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USDCAD - It Looks like there is a lot of buying at the bottom. Is it going to explode?

There is nothing very obvious on the waves or the SIs (except some a bit high SIs at the bottom) but it looks like a lot of buying at the bottom from individual volume bars. A Downtrend like that does not change direction that easy, a lot of buying has to come and at the same time make sure there are no sellers left.

So what do we do?

Wait for some confirmation either volume wave vs. pip wave or an SI pattern and if it breaks that Break level watch out how it was done and the retracement.

My feeling is that it will explode but my feeling is not enough.



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