As you see in the Daily time frame, price has approached to the red resistance zone and got rejected.
We can see the bullish pressure on price. Moreover, the number of bullish candles is less than the bearish ones in the previous downside move which shows the power of bullish side.
I expect a retrace for USDCAD around the yellow support level near 1.29 and then we should see if price will be pushed to the upside again to break the resistance zone or it will break the support level to the downside and drops towards the last major low around 1.2520
What is your outlook on USDCAD? Feel free to share your ideas in the comments.
We can see the bullish pressure on price. Moreover, the number of bullish candles is less than the bearish ones in the previous downside move which shows the power of bullish side.
I expect a retrace for USDCAD around the yellow support level near 1.29 and then we should see if price will be pushed to the upside again to break the resistance zone or it will break the support level to the downside and drops towards the last major low around 1.2520
What is your outlook on USDCAD? Feel free to share your ideas in the comments.
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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.