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USD/CAD Potential Downward Movement

USD/CAD Long-Term Trend: Bearish

Key Resistance Levels: 1.2596, 1.2682, 1.2738

Key Support Levels: 1.2478, 1.2401, 1.2328

Daily Chart:

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

1-Hour Chart:

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.

Signal Idea:

Sell Stop Order @ 1.2549

TP 1 @ 1.2482

TP 2 @ 1.2415

Stop Loss @ 1.2616

Trade Safely 🙂

About Vipul Rathaur

A trader with more than six years of experience, Vipul is a discretionary trader and uses multi time frame analysis for his analysis and price action for his trade signals. Believes that risk management is the secret to making it in this world. He trades major Forex pairs, Indices, and Commodities.

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