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USD/CAD Potential Downward Movement

USD/CAD Long-Term Trend: Bearish

Key Resistance Levels: 1.25406, 1.26067, 1.26500

Key Support Levels: 1.24655, 1.24258, 1.23045

Daily Chart:

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

1-Hour Chart:

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.

Signal Idea:

Sell Limit Order @ 1.25017

TP 1 @ 1.24667

TP 2 @ 1.24258

Stop Loss @ 1.25190

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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