Loonie

Good Evening Dynamic Traders,

Hope you are all having an excellent fun filled week. Below are two charts for the Loonie.

The daily timeframe shows price's arrival at a familiar support level. Should it break through this level, the VI is likely to be the next level of support.














However, before any possible movement downwards a pullback may be witnessed. The reason for this is visible below on the 240 chart. There is a possible double bottom formation, coupled with a RN. In addition MACD is converging on the 240 and the 60 minute timeframes. All of these things suggest that a retracement may be in order at least for the short term.














Fruitful Trading!
Bijal Shah