USDCAD remains bullish from a broader perspective, continuing to trade inside the blue ascending channel that has guided price higher for an extended period.
Price is now testing an interesting technical area where the blue support and demand zone aligns with the lower boundary of the ascending channel, creating a strong confluence area to monitor.
⭕As long as this area continues to hold, we can start looking for buy setups on lower timeframes, anticipating another bullish reaction within the broader ascending structure.
⭕However, if price breaks below the blue support and demand area and the lower boundary of the channel, it would provide an important indication that bullish momentum is weakening, with the focus shifting toward the next lower support area.
The reaction around this confluence zone may reveal whether buyers can defend the broader bullish structure, or if sellers are ready to push price below the channel.
⚠️Disclaimer: This analysis reflects my personal market view and is not financial advice.
Rayan Nasser
#USDCAD #USD #CAD #Forex #TechnicalAnalysis #PriceAction #Trading #MarketStructure
Price is now testing an interesting technical area where the blue support and demand zone aligns with the lower boundary of the ascending channel, creating a strong confluence area to monitor.
⭕As long as this area continues to hold, we can start looking for buy setups on lower timeframes, anticipating another bullish reaction within the broader ascending structure.
⭕However, if price breaks below the blue support and demand area and the lower boundary of the channel, it would provide an important indication that bullish momentum is weakening, with the focus shifting toward the next lower support area.
The reaction around this confluence zone may reveal whether buyers can defend the broader bullish structure, or if sellers are ready to push price below the channel.
⚠️Disclaimer: This analysis reflects my personal market view and is not financial advice.
Rayan Nasser
#USDCAD #USD #CAD #Forex #TechnicalAnalysis #PriceAction #Trading #MarketStructure
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إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.