Loonie Flag or DB?

Dear Dynamic Traders,

Good evening. Apologies for not putting up a blog last night, I had some technical issues with eSignal and was unable to take any screenshots of charts.

It's been an interesting couple of trading days of this year already, with plenty of movement and opportunity to capture some of the action. I have analysed the Loonie for today.
The daily trend has been down since December. Price retraced to the Fib breather level and then coninued its descent further. What is in formation currently could be considered a bearish flag which would mean that there is more strength to the downside? Having said that price has reached a previous support level at around 1.18 and this could well be a double bottom.Either way further confirmation is required in order to trade this pair.

The four hour chart shows MACD convergence. Given the strong support level and previous trendline we may see some consolidation at this area before a further move down or a retracement back to previous resistance.
Wait for your confluence of events to be in line before entering the trades with the appropriate ESLT filters in place.

Profitable trading!
Bijal Shah