The daily chart of USD/CAD is in a ascending channel formation.
It made a false breakout above and is currently taking support at the trendline.
The 20-SMA is also acting as a strong resistance and the price action is facing rejection at higher levels which has been confirmed by a bearish pin bar.
As per our analysis, we expect the pair to face selling pressure if it breaks the supportive trendline.
It made a false breakout above and is currently taking support at the trendline.
The 20-SMA is also acting as a strong resistance and the price action is facing rejection at higher levels which has been confirmed by a bearish pin bar.
As per our analysis, we expect the pair to face selling pressure if it breaks the supportive trendline.
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.
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.