USD/CAD Analysis
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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