USDCAD Near the 5-month High. Strong SELL.
The USDCAD pair hit our 1.36200 Target (February 09, see chart below) and even broke above the Symmetrical Resistance Zone:
The price now sits at the top of the 2024 Channel Up, a similar pattern with the July 14 - November 01 2023 Channel Up. In fact the pair is approaching that November 01 High (Resistance 1) and being at the same time on an overbought 1D RSI while the 1W RSI is approaching the 13-month Resistance Zone, is turning into a very strong sell again.
Such tops have given a minimum of -3.23% declines (February 02 2023) during this 18-month period that the pair has been ranging. As a result, our new medium-term Target is 1.34500.
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The price now sits at the top of the 2024 Channel Up, a similar pattern with the July 14 - November 01 2023 Channel Up. In fact the pair is approaching that November 01 High (Resistance 1) and being at the same time on an overbought 1D RSI while the 1W RSI is approaching the 13-month Resistance Zone, is turning into a very strong sell again.
Such tops have given a minimum of -3.23% declines (February 02 2023) during this 18-month period that the pair has been ranging. As a result, our new medium-term Target is 1.34500.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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