USD/CAD Potential Downward Movement

USD/CAD Long-Term Trend: Bearish

Key Resistance Levels: 1.2690, 1.2767, 1.2815

Key Support Levels: 1.2581, 1.2495, 1.2422

Daily Time-frame:

The price on the higher time frame has been in a downtrend for many days and we saw a pullback. Price touched a resistance zone of 1.2815 and then it made a rejection candle. We expect the pair to continue the bearish move.  

USD/CAD Medium-Term Trend: Bearish

1-Hour Time-frame:

On the lower time frame, the price has been moving in a bearish structure and as we can see in the chart, there have been many rejections from the upside and the price has broken the trendline. Our bearish view should remain valid as long as the price is below the upper trendline.

Signal Idea:

Sell Limit Order @ 1.2625

TP 1 @ 1.2565

TP 2 @ 1.2530

Stop Loss @ 1.2655

Trade Safely 🙂