Today we're taking a look at the recent breakout with USD/CAD on the daily chart. You can clearly see price has been trading within an ascending channel since mid 2015, creating multiple levels of support and resistance.
Price has just broken out of this channel and closed below the trendline on Thursday/Friday, thus confirming a long-term shorting opportunity. We may encounter a retracement to the trendline before continuing the move lower!
I'll be looking for extra validation on the lower timeframes this week.
Price has just broken out of this channel and closed below the trendline on Thursday/Friday, thus confirming a long-term shorting opportunity. We may encounter a retracement to the trendline before continuing the move lower!
I'll be looking for extra validation on the lower timeframes this week.
Note
Price hit the 0.618 retracement and dropped 100+ pips! We're now in a crucial support zone, if you aren't already in on this move wait off on entries for now.
📈 Master the Art and Science of Trading: sixfigurecapital.com
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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.
📈 Master the Art and Science of Trading: sixfigurecapital.com
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.