USDCAD: Consolidation & Complete Indecision 🇺🇸🇨🇦
One more instrument that we discussed on a live stream today is USDCAD.
The pair is currently stuck within a narrow horizontal trading range:
1.2915 - 1.295 is its resistance & 1.2815 - 1.2845 is its support.
Depending on the reaction of the price to these structures, I see 2 potential scenarios:
If the price breaks and closes below the support of the range, we will expect a bearish continuation to 1.27 level.
If the price breaks and closes above the resistance of the range, we will expect a bullish movement to 1.31 level.
I am bearish biased and assume that probabilities are on a bearish side but let's see.
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Note
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✅Join My Telegram Channel: t.me/VasilyTrading
❗️YouTube Channel youtube.com/c/VasilyTrader
💰Instagram: instagram.com/VasilyTrader/ 💰
✅Facebook: facebook.com/VasilyTrading/ ✅
❗️YouTube Channel youtube.com/c/VasilyTrader
💰Instagram: instagram.com/VasilyTrader/ 💰
✅Facebook: facebook.com/VasilyTrading/ ✅
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.