USD/CAD Long-Term Trend: Bearish
Key Resistance Levels: 1.23555, 1.24519, 1.25000.
Key Support Levels: 1.22720, 1.21925, 1.21000.
The price on the higher time frame succeeded to break the 1.23600 CAD mark after leaving a fakeout which is represented with long wicks to the upside. This also shows that the sellers took control of the market and further movement to the downside could be expected in the coming hours.
USD/CAD Medium-Term Trend: Bearish
On the lower time frame, the pair is traded inside a bearish channel formation showing that we are in a clear downward movement. In addition, the market succeeded to break the bearish flag formation to the downside. A higher correction is expected to the new resistance zone before a new downward impulsive wave.
Sell Limit Order @ 1.23508
TP 1 @ 1.22751
TP 2 @ 1.21925
Stop Loss @ 1.23870
Trade Safely 🙂