USD/CAD Long-Term Trend: Bearish
Key Resistance Levels: 1.25406, 1.26067, 1.26500
Key Support Levels: 1.24655, 1.24258, 1.23045
The price on the higher time frame changed direction from an upward movement to a downward one by posting higher lows. Recently, the price posted an engulfing bearish pattern near the 1.2540 USD resistance which led to a move downward.
USD/CAD Medium-Term Trend: Bearish
On the lower time frame, the price succeeded to break the bullish channel to the upside where it posted a double top formation. A higher correction could be seen to the highlighted zone before a new impulsive wave to the downside.
Sell Limit Order @ 1.25017
TP 1 @ 1.24667
TP 2 @ 1.24258
Stop Loss @ 1.25190
Trade Safely 🙂