The USD/CAD pair has been trading within an ascending channel but recently broke out, reaching a significant resistance level from March 2020. This resistance appears to have halted the bullish momentum, suggesting the possibility of a correction in the coming sessions.
💡 Key Observations:
1️⃣ The price broke above the ascending channel but is struggling to maintain momentum at the resistance level.
2️⃣ Historical resistance from March 2020 is likely to act as a strong barrier for further upward movement.
3️⃣ Signs of weakness and loss of momentum indicate a potential downward correction.
🔻 Potential Target Zones for Correction:
First Target: 1.429
Second Target: 1.421
Longer-term Target: 1.408
💡 Key Observations:
1️⃣ The price broke above the ascending channel but is struggling to maintain momentum at the resistance level.
2️⃣ Historical resistance from March 2020 is likely to act as a strong barrier for further upward movement.
3️⃣ Signs of weakness and loss of momentum indicate a potential downward correction.
🔻 Potential Target Zones for Correction:
First Target: 1.429
Second Target: 1.421
Longer-term Target: 1.408
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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.
📈 6 years in the financial markets! Join my Telegram for exclusive insights.
Telegram Link: t.me/charts_M7M
Telegram Link: t.me/charts_M7M
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.