Hi traders,
The USDCAD looks good for downside. There is a lot of strong technical resistance here so this is a good resistance area to consider short positions. Looks like price will break down but I am expecting a retest of sideward support turned resistance, before the breakdown. This could be a corrective move but is also equally likely to be an impulse.
Best regards,
Tom_Killick
The USDCAD looks good for downside. There is a lot of strong technical resistance here so this is a good resistance area to consider short positions. Looks like price will break down but I am expecting a retest of sideward support turned resistance, before the breakdown. This could be a corrective move but is also equally likely to be an impulse.
Best regards,
Tom_Killick
Note
Strong pullback after we hit sidewards support. I highly expect a bounce at 1.3545 level before a move down. If price goes above this level, we would consider this trade temporarily inactive until the market sets up again.
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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.