The USDCAD pair has been trading within a Channel Up since the June 01 2021 Low (which was also the market bottom). However, since the December 20 2021 High, it hasn't delivered a Higher High. In fact the December 20 High made a Double Top with the August 20 High, creating the current Resistance.
This has created a new bearish sequence within the Channel Up and even though the price is supported on the 1D MA200 (orange trend-line), the longer it fails to break above the 1.29000 Lower High, the more likely it is to test the 1.22875 October 21 Low (which was a Higher Low on the Channel Up and current Support).
On the other hand, a break above the 1.2900 Lower High, restores the long-term bullish sentiment and will target the 1.33880 (October 29 2020) High.
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This has created a new bearish sequence within the Channel Up and even though the price is supported on the 1D MA200 (orange trend-line), the longer it fails to break above the 1.29000 Lower High, the more likely it is to test the 1.22875 October 21 Low (which was a Higher Low on the Channel Up and current Support).
On the other hand, a break above the 1.2900 Lower High, restores the long-term bullish sentiment and will target the 1.33880 (October 29 2020) High.
--------------------------------------------------------------------------------------------------------
Please like, subscribe and share your ideas and charts with the community!
--------------------------------------------------------------------------------------------------------
I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
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I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.