SMC trading point update
Technical analysis of USD/CAD on the 3-hour timeframe, using Smart Money Concepts (SMC) and classic technical analysis. Here's a breakdown
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Key Technical Insights:
Overall Trend:
The pair is in a clear downtrend, confirmed by:
Lower highs and lower lows
Price trading below the 200 EMA (currently at 1.37402)
Respect for the downtrend channel
---
Resistance Zones:
1. Upper Resistance Zone (~1.38400 – 1.38750):
Strong historical sell area (price sharply reversed here in late May)
2. Mid Resistance Zone (~1.36450 – 1.36750):
Price reacted twice here and dropped.
Aligns with the downtrend line and was recently tested again (red arrow).
---
Bearish Projections:
After the latest pullback into the resistance zone, price is expected to:
Reject the zone
Continue following the descending structure
Target marked around 1.35034, which coincides with:
Previous low
Lower boundary of the descending channel
Mr SMC Trading point
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Chart Tools & Features Used:
Trendlines: Clearly marking the downtrend channel
200 EMA: Used as dynamic resistance
Fib-like measured move: Mirrored previous impulse moves (-1.61%) suggesting a symmetric drop
Arrows: Indicating reaction points from resistance
---
Conclusion:
Bias: Bearish
Invalidation: Break and hold above 1.36500 would weaken the bearish outlook.
Next Move: Potential sell setups on lower timeframe retests or bearish confirmations within the resistance zone.
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Technical analysis of USD/CAD on the 3-hour timeframe, using Smart Money Concepts (SMC) and classic technical analysis. Here's a breakdown
---
Key Technical Insights:
Overall Trend:
The pair is in a clear downtrend, confirmed by:
Lower highs and lower lows
Price trading below the 200 EMA (currently at 1.37402)
Respect for the downtrend channel
---
Resistance Zones:
1. Upper Resistance Zone (~1.38400 – 1.38750):
Strong historical sell area (price sharply reversed here in late May)
2. Mid Resistance Zone (~1.36450 – 1.36750):
Price reacted twice here and dropped.
Aligns with the downtrend line and was recently tested again (red arrow).
---
Bearish Projections:
After the latest pullback into the resistance zone, price is expected to:
Reject the zone
Continue following the descending structure
Target marked around 1.35034, which coincides with:
Previous low
Lower boundary of the descending channel
Mr SMC Trading point
---
Chart Tools & Features Used:
Trendlines: Clearly marking the downtrend channel
200 EMA: Used as dynamic resistance
Fib-like measured move: Mirrored previous impulse moves (-1.61%) suggesting a symmetric drop
Arrows: Indicating reaction points from resistance
---
Conclusion:
Bias: Bearish
Invalidation: Break and hold above 1.36500 would weaken the bearish outlook.
Next Move: Potential sell setups on lower timeframe retests or bearish confirmations within the resistance zone.
Please support boost 🚀 this analysis)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
(Services:✔️ JOIN Telegram channel
#Gold trading ★Analysis★ 📊
Gold trading signals 🚀 99%
t.me/SmcTradingPoin
Join my recommended broker , link 👇
World best broker exness ✅D
one.exnesstrack.org/a/l1t1rf3p6v
#Gold trading ★Analysis★ 📊
Gold trading signals 🚀 99%
t.me/SmcTradingPoin
Join my recommended broker , link 👇
World best broker exness ✅D
one.exnesstrack.org/a/l1t1rf3p6v
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.