USDCAD is under the pressure of the downtrend, but at the same time a sideways consolidation is forming, which can last for quite a long time.
The currency pair is falling from the range resistance and yesterday it already tested the key level 1.3317, but now, a few hours later, another retest is forming.
There is a chance that the market can break through the support at 1.3317, but only if the volatility declines and the price either forms a consolidation above (pre-breakdown consolidation) or below the level after the breakdown and then heads down.
BUT! If the price makes a quick false-break and forms a consolidation above the level, there is a chance to use the "inside range trading" strategy. In this case the price can head upwards!
The moving averages are a strong resistance
Strong Resistance: 1.3411 and 1.34500.
Strong support: 1.3317
As we see the formation of a retest to the support, the chances of a breakout are getting higher.
Regards, R.Linda!
The currency pair is falling from the range resistance and yesterday it already tested the key level 1.3317, but now, a few hours later, another retest is forming.
There is a chance that the market can break through the support at 1.3317, but only if the volatility declines and the price either forms a consolidation above (pre-breakdown consolidation) or below the level after the breakdown and then heads down.
BUT! If the price makes a quick false-break and forms a consolidation above the level, there is a chance to use the "inside range trading" strategy. In this case the price can head upwards!
The moving averages are a strong resistance
Strong Resistance: 1.3411 and 1.34500.
Strong support: 1.3317
As we see the formation of a retest to the support, the chances of a breakout are getting higher.
Regards, R.Linda!
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NO‼️
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🌹TRADING is a CASINO💔!?
NO‼️
You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
🟢Free Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
NO‼️
You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
🟢Free Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
Related publications
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.