🔹USD/CAD Technical Analysis - 1H Chart
▪️USD/CAD remains in a clear downtrend, as evidenced by successive lower highs and lower lows. Price recently rejected the supply zone near 1.3710, confirming continued bearish pressure. The pair has now broken below the short-term support zone (entry area), suggesting further downside.
▪️A potential short entry is in play on a retest of the broken support, now acting as resistance. The next key level to watch is the daily support zone around 1.3535, which aligns with the projected target zone.
▪️Bias: Bearish
▪️Invalidation: Break above 1.3675 (entry area)
▪️Target: 1.3535 (support zone)
▪️Confluence: Supply zone rejection, trendline break, and bearish momentum.
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▪️USD/CAD remains in a clear downtrend, as evidenced by successive lower highs and lower lows. Price recently rejected the supply zone near 1.3710, confirming continued bearish pressure. The pair has now broken below the short-term support zone (entry area), suggesting further downside.
▪️A potential short entry is in play on a retest of the broken support, now acting as resistance. The next key level to watch is the daily support zone around 1.3535, which aligns with the projected target zone.
▪️Bias: Bearish
▪️Invalidation: Break above 1.3675 (entry area)
▪️Target: 1.3535 (support zone)
▪️Confluence: Supply zone rejection, trendline break, and bearish momentum.
🔹Community Insight:
If you find this analysis helpful in your trading journey, feel free to share your thoughts or questions in the comments. Let’s work together to maintain a disciplined, technical approach to the markets.
▪️Follow for regular updates and trade setups.
Trade active
from 1.36700Note
once again, trade active from supply zone Note
Trade closed: target reached
Note
from supply zone to near support area 
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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.