USDCAD is in the phase of trend change. The price begins to form the boundaries of the descending channel, at the same time, against the background of local strengthening of DXY, the currency pair is forming a correction to the resistance area. On d1 we see a global bearish trend in both
DXY and USDCAD currency pairThe price is testing the key resistance area, in this place the market is struggling for further positions.
At 13:15 GMT ADP NonFarm EC is published, this news is worth paying attention to. It is possible to increase liquidity before further movement in one direction or another.
From the currency pair I expect a false breakdown of the mentioned resistance area with the subsequent continuation of the fall to the trend support. It is also worth noting that the market is experiencing peak volume density.
Moving trend lines act as resistance. MA-50 has been tested.
Resistance levels: 1.3575, 1.3629
Support levels: 1.3545, 1.3485
I expect that after the next retest and false breakdown the price will continue its direction following the trend.
Regards R. Linda!
Note
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🌹TRADING is a CASINO💔!?
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Join me, I'll guide you to PROFITABLE TRADING💵!
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(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
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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.