USD/CAD Long-Term Trend: Bearish
Key Resistance Levels: 1.2695, 1.2775, 1.2853
Key Support Levels: 1.2550, 1.2495, 1.2453
The price on the higher time frame was trading in a range for a few weeks and recently made an unsuccessful attempt to break the zone to the upside. After a breakout to the upside, the price faced rejection and reversed sharply. The price has broken the downward range.
USD/CAD Medium-Term Trend: Bearish
On the lower time frame, the price is moving in the major trend’s direction. We are seeing a few rejection wicks and price is continuing the trend. Support if 1.2612 is also broken and there was a retest before the price continued the momentum.
Sell Stop Order @ 1.2586
TP 1 @ 1.2529
TP 2 @ 1.2474
Stop Loss @ 1.2642
Trade Safely 🙂