The USDCAD pair reached the Higher Lows trend line for the first time since August 11th, which has been supporting the bullish trend for the past 6 months. The 1D technical outlook decpits the medium-term bearish correction (RSI = 39.227, MACD = -0.004, ADX = 28.712) but it can't continue unless the HL break.
Since it has been the strongest Support of the past 6 months, there are higher probabilities to see a rebound, at least back to the 1D MA50, if not the Lower Highs trend line. Then R1 (1.36900) comes into play.
A break under the HL is not enough on its own for a short as the S1 (1.32250) level and the 1D MA200 are ready to support. We require a break under both to justify a longer term short, which will be aimed at S2 (1.29650).
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Since it has been the strongest Support of the past 6 months, there are higher probabilities to see a rebound, at least back to the 1D MA50, if not the Lower Highs trend line. Then R1 (1.36900) comes into play.
A break under the HL is not enough on its own for a short as the S1 (1.32250) level and the 1D MA200 are ready to support. We require a break under both to justify a longer term short, which will be aimed at S2 (1.29650).
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
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I trade Crypto, Forex, Indices & Commodities all from one account on PrimeXBT with TradingView charts
Register here👉 investingscope.s.gy/PrimeXBT
Contact me for Account Management (+15% monthly profit)
Telegram👉 t.me/investingscope
Register here👉 investingscope.s.gy/PrimeXBT
Contact me for Account Management (+15% monthly profit)
Telegram👉 t.me/investingscope
免责声明
这些信息和出版物并非旨在提供，也不构成TradingView提供或认可的任何形式的财务、投资、交易或其他类型的建议或推荐。请阅读使用条款了解更多信息。