Updated

USDCAD Daily

Price previously broke out of the rising wedge reversal pattern with a strong bearish impulse. This previous week, price pulled back to create a fresh lower high, & has now retested a critical zone looking left, that has acted as a major area of support & resistance. Price finished off Friday forming an indecision candle, showing a shift in momentum when price approached the major zone.

This upcoming week, I will be looking for selling opportunities below the the key level zone & for price to resume the downtrend into the key area of support below.

Note

Clear rejection from the major zone & off the 50 fibonacci

Note

4 hour: looking left you can see when price was at this zone previously there were many rejection candles & a move lower occurred, similar example of how price reacted again this week so far.

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