USD/CAD Potential Downward Movement

USD/CAD Long-Term Trend: Bearish

Key Resistance Levels: 1.38860, 1.39595, 1.39910

Key Support Levels: 1.37298, 1.36025, 1.34552

Weekly Chart:

The price on the higher time frame has a major resistance level around 1.38675 level. Price has shown reaction after testing this area which suggests further trend continuation to the downside.

USD/CAD Medium-Term Trend: Bearish

Daily Chart:

On the lower time frame, the pair is moving in the major trend’s direction. It has formed a supply zone around the major resistance area in the daily chart. As of now price might retest the zone before continuing the momentum. 

Signal Idea:

Sell Limit Order @ 1.38180

TP @ 1.37410

Stop Loss @ 1.38950

Trade Safely 🙂