USD/CAD Potential Downward Movement

USD/CAD Long-Term Trend: Bearish

Key Resistance Levels: 1.2668, 1.2742, 1.2844

Key Support Levels: 1.2562, 1.2495, 1.2435

Daily Time-frame:

The price on the higher time frame has broken a range to the downside after a long time trading in that range. The pair did break to the upside but did not sustain and created a big rejection wick that shows a bearish sign. 1.2648 level should now act as a resistance.

USD/CAD Medium-Term Trend: Bearish

1-Hour Time-frame:

On the lower time frame, the price started moving in a lower-low, lower-high formation after rejection from the top. The pair has broken the support level of 1.2655 and continued the move after a retest to that level.

Signal Idea:

Sell Limit Order @ 1.2625

TP 1 @ 1.2582

TP 2 @ 1.2541

Stop Loss @ 1.2665

Trade Safely 🙂