USDCAD has been moving in a wide channel since late 2021. The channel ranges from 1.2450 ~ 1.2900 levels. The midway area can be identified as 1.2640 level, where a bullish/bearish break from this area would lead the price to touch resistance and support levels.
The price has recently broken the 1.2640 level and rose to touch the first resistance of 1.28300 level. From the past two price actions at this level, the price first retraced back to the midpoint level of 1.26400 and then resumed its bullish momentum to retest the previous high and eventually reached the upper area of 1.2900 (Plotted in A,B,C). Therefore, if the price retraces back to the midpoint area, as we can already spot a strong rejection from the first resistance level, this could give us a great opportunity to buy the pullback to join the bullish continuation.
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The price has recently broken the 1.2640 level and rose to touch the first resistance of 1.28300 level. From the past two price actions at this level, the price first retraced back to the midpoint level of 1.26400 and then resumed its bullish momentum to retest the previous high and eventually reached the upper area of 1.2900 (Plotted in A,B,C). Therefore, if the price retraces back to the midpoint area, as we can already spot a strong rejection from the first resistance level, this could give us a great opportunity to buy the pullback to join the bullish continuation.
If you liked our analysis, please hit the “like“ button, comment, and follow us for more! We only create high quality ideas and charts, with each idea thoroughly explained :)
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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.