Technical Analysis of USD/CAD (1H Chart)
The price recently broke below a well-defined parallel channel, indicating a shift in momentum. A fake breakout near the resistance zone (1.44700–1.44879) led to a sharp decline. The pair is currently testing this resistance area again, where a rejection could trigger further downside movement.
Targets:
- 1st Target: 1.43529
- 2nd Target: 1.42819
If the price gets rejected at resistance, a sell-off toward these targets is likely. However, a break above resistance could invalidate the bearish outlook.
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The price recently broke below a well-defined parallel channel, indicating a shift in momentum. A fake breakout near the resistance zone (1.44700–1.44879) led to a sharp decline. The pair is currently testing this resistance area again, where a rejection could trigger further downside movement.
Targets:
- 1st Target: 1.43529
- 2nd Target: 1.42819
If the price gets rejected at resistance, a sell-off toward these targets is likely. However, a break above resistance could invalidate the bearish outlook.
If you enjoy, press the like button.
Trade active
Note
take your re-entry now 1.44500Trade closed: target reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.