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!
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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
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
🥇 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
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.