Lingrid | EURCAD Descending Market Structure Continues

faced rejection at the descending trendline near 1.6300 after an impulsive leg upward, confirming resistance within the broader bearish structure. The market remains trapped inside a downward channel, forming consistent lower highs as sellers defend key zones. As long as price stays below 1.6250, a decline toward the 1.6135–1.6100 support level is expected. This corrective setup aligns with the dominant downtrend continuation phase from the October highs.

⚠️ Risks:

A break above 1.6250 could shift sentiment short-term bullish.
Stronger Eurozone inflation data may strengthen the euro.
Weak Canadian employment figures could reduce CAD demand and limit downside.

If this idea resonates with you or you have your own opinion, traders, hit the comments. I’m excited to read your thoughts!

Сделка активна

The price bounced off from our resistance zone - waiting good profit

Lingrid

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Lingrid

🔥 Daily GOLD and Forex updates with 20,000+ active traders:
t.me/LingridChannel
🚀 Daily CRYPTO setups:
bit.ly/3JIGE2j

Мои профили: