Here’s a clean technical setup I’m watching closely on the CAD pair. We’ve seen a strong rejection from the top of the ascending channel, with the price now breaking below key structure levels. Let’s break it down:
Key Observations:
Consolidation zone early May gave way to bullish momentum.
Price peaked within an ascending channel, but failed to maintain the trend.
A break of trendline support has shifted market structure.
We’re now trading below resistance at 1.39148, turning previous support into resistance.
What I’m Watching:
A potential retest of the broken trendline and resistance area (1.39148) may offer a prime short entry.
If bearish momentum continues, I’m targeting the following points of interest (POIs):
1st Target 1.38429
2nd Target 1.38031
Final target: 1.37605
This setup aligns with a clean market structure shift and offers multiple areas to scale out or secure profits. Always manage your risk and confirm with your own analysis.
Let me know your thoughts below — are you bearish on CAD too?
#forex #technicalanalysis #CAD #tradingstrategy #priceaction
Key Observations:
Consolidation zone early May gave way to bullish momentum.
Price peaked within an ascending channel, but failed to maintain the trend.
A break of trendline support has shifted market structure.
We’re now trading below resistance at 1.39148, turning previous support into resistance.
What I’m Watching:
A potential retest of the broken trendline and resistance area (1.39148) may offer a prime short entry.
If bearish momentum continues, I’m targeting the following points of interest (POIs):
1st Target 1.38429
2nd Target 1.38031
Final target: 1.37605
This setup aligns with a clean market structure shift and offers multiple areas to scale out or secure profits. Always manage your risk and confirm with your own analysis.
Let me know your thoughts below — are you bearish on CAD too?
#forex #technicalanalysis #CAD #tradingstrategy #priceaction
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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.
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.