USD/CAD Long-Term Trend: Bearish
Key Resistance Levels: 1.2596, 1.2682, 1.2738
Key Support Levels: 1.2478, 1.2401, 1.2328
The price on the higher time frame was trading between a range of 1.2895 and 1.2625 for some time and it attempted a bullish breakout but faced rejection from the 1.3080 level. The pair has continued the downward move with good momentum and broken the lower range which indicates a bearish bias.
USD/CAD Medium-Term Trend: Bearish
On the lower time frame, the pair is moving in the major trend’s direction. The price consolidated in a range of 1.2682 and 1.2631 for some time and now the lower range has been broken. The price broke a minor support level of 1.2596 and retested before continuing the momentum.
Sell Stop Order @ 1.2549
TP 1 @ 1.2482
TP 2 @ 1.2415
Stop Loss @ 1.2616
Trade Safely 🙂