Loonie double bottom?

Greetings Dynamic Traders,

Hope you are enjoying your weekend. Birthday wishes to those celebrating in the last few days.

Further from Javid's post last week, I could not resist putting up the Loonie given it is showing some possible opportunity. Price has reached a previous support, a hammer is on display and in proximity to a RN. In addition we have short term MACD convergence. All this suggests that there could be a double bottom formation.

The only thing that makes me question this is the current trend which is clearly down. Therefore what we may see is a temporary bounce before the breakthrough.















Note also the EURCAD which is showing a potential triple bottom coupled with a doji, we may also see a bounce here if price cannot penetrate the support line.

Good Trading!
Bijal Shah