USD/CAD Potential Downward Movement

USD/CAD Long-Term Trend: Bearish

Key Resistance Levels: 1.2853, 1.2973, 1.3021

Key Support Levels: 1.2701, 1.2620, 1.2512

Daily Chart:

The price on the higher time frame has reversed the direction after facing a rejection around the 1.3075 level. The pair succeeded in breaking a major support level of 1.2896 and another minor support level of 1.2841 is also broken which indicates a bearish bias. 

USD/CAD Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the pair is moving in the major trend’s direction. The price started the downtrend after facing rejection from the top and sustained below the 1.2973 level. The pair has also broken and retested the 1.2853 level before continuing the momentum.

Signal Idea:

Sell Stop Order @ 1.2783

TP 1 @ 1.2704

TP 2 @ 1.2625

Stop Loss @ 1.2862

Trade Safely 🙂