USDCAD Double Top Formation
Updated
Asset: 
USDCAD
Bias: Bearish
Price range: 1.3460 ~ 1.3478
Confluences;
------------> Conviction of double top formation;
Invalidation level: A close above 1.3480
Volatility: FOMC on Wednesday. NFP on Friday
USDCAD Bias: Bearish
Price range: 1.3460 ~ 1.3478
Confluences;
- Retest of neckline of double top formation
- Break of valid 3 touch trendline
- Daily 200 EMA got rejected to the downside on the 26th of Jan
------------> Conviction of double top formation;
- Both tops formed at the opening level of 2023, which is also the opening level of the second quarter of 2023
- The peak of both tops occurred at the 50% of 2023's 3rd quarter bearish wave, which is also the 78.6% of the December bearish wave.
- The second top formed the 3rd touch of a bearish trendline on the Daily chart
Invalidation level: A close above 1.3480
Volatility: FOMC on Wednesday. NFP on Friday
Trade active
Price is forming beautifully.
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