USDCAD FALL after false breakdown
The price has been falling in a global downtrend since April 2020. At the same time, a resistance line appeared, which is guiding the trend and at which the price is now. During the fall of the trend, the price made two important breakouts. The first is the historically strong resistance level of 1.303, the second is the strong resistance line at 1.291 that has existed since 2016.
After rising from the 1.239 support trend line, the price rose to resistance 1.262 and for almost a week - from the beginning of April - moved along this line. And then it was able to break through at point 1.258. However, the breakout turned out to be false and now the price is back behind the lines and is at the point 1.255. I expect it to fall from this line and come to the 1.226 support line. This will be our goal.
Traders, if you like this idea or have your own opinion about it, write in the comments. I will be glad👩💻
After rising from the 1.239 support trend line, the price rose to resistance 1.262 and for almost a week - from the beginning of April - moved along this line. And then it was able to break through at point 1.258. However, the breakout turned out to be false and now the price is back behind the lines and is at the point 1.255. I expect it to fall from this line and come to the 1.226 support line. This will be our goal.
Traders, if you like this idea or have your own opinion about it, write in the comments. I will be glad👩💻
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