USDCAD Short off Monthly toward 1.29250
USDCAD meets its first monthly resistance test at 1.37900 since breaking through around a staggering two years ago (9 March 2020). Although the following weekly resistance at 1.46294 gave way for USDCAD to dip back below its first breakout of 1.37900 halting any further upswings.
My only concern is a scenario where price gains enough bullish strength and yet again pops off from 1.37900 for a tap all the way into the following weekly resistance at 1.46294 .
Considering a bearish pin bar has already formed on the weekly chart and consolidation ahead on the Daily, the latter idea of a bounce lower from 1.37900 toward 1.29250 is more plausible.
Update trades as these are pending orders.
My only concern is a scenario where price gains enough bullish strength and yet again pops off from 1.37900 for a tap all the way into the following weekly resistance at 1.46294 .
Considering a bearish pin bar has already formed on the weekly chart and consolidation ahead on the Daily, the latter idea of a bounce lower from 1.37900 toward 1.29250 is more plausible.
Update trades as these are pending orders.
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