USDCAD has bounced off the support zone and the price is now encountering resistance near the 1.3700 level. After a strong rally, the price is showing signs of a correction with a clear rejection around the resistance zone. This creates an ideal sell-the-pullback setup for a continuation of the downward trend.If the price retraces towards 1.3700 and struggles to break through, the bearish momentum could resume, targeting the support level around 1.3550. A rejection from this area could lead to a deeper move towards support levels.
➡️ Primary scenario: rejection at 1.3700 → continuation toward 1.3550
⚠️ Risk scenario: a clean break above 1.3700 invalidates the short setup, suggesting a potential move towards the next resistance at 1.3927.
If this idea resonates with you or you have your own opinion, traders, hit the comments. I’m excited to read your thoughts!
🥇 Gold & Forex market analysis
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📊 Key levels, chart patterns & market scenarios
🛠 TradingView indicator + online technical analysis
👇 Explore the tools and follow my updates:
t.me/lingridchannel
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Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
🥇 Gold & Forex market analysis
📊 Key levels, chart patterns & market scenarios
🛠 TradingView indicator + online technical analysis
👇 Explore the tools and follow my updates:
t.me/lingridchannel
📊 Key levels, chart patterns & market scenarios
🛠 TradingView indicator + online technical analysis
👇 Explore the tools and follow my updates:
t.me/lingridchannel
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.