USDCAD on 1h time frame . Testing historical Resistance levels
USDCAD 1H Analysis – February 10, 2025
📈 Potential Bullish Reversal
The chart shows a double bottom formation near 1.4280, which is a strong bullish reversal pattern.
Price has bounced from this level, suggesting a possible upward move.
📊 Key Resistance Zones to Watch:
1.4550 - 1.4570 → First key resistance (previous support turned resistance).
1.4780 - 1.4800 → Major resistance area where price previously rejected strongly.
🔍 Trading Outlook:
A break above 1.4350 could confirm the bullish momentum.
If price clears 1.4550, the next target would be 1.4800.
A rejection from resistance zones could lead to another decline.
📌 Conclusion: USDCAD is forming a potential bullish structure, but confirmation of a breakout above 1.4550 is needed before expecting further upside. 🚀
📈 Potential Bullish Reversal
The chart shows a double bottom formation near 1.4280, which is a strong bullish reversal pattern.
Price has bounced from this level, suggesting a possible upward move.
📊 Key Resistance Zones to Watch:
1.4550 - 1.4570 → First key resistance (previous support turned resistance).
1.4780 - 1.4800 → Major resistance area where price previously rejected strongly.
🔍 Trading Outlook:
A break above 1.4350 could confirm the bullish momentum.
If price clears 1.4550, the next target would be 1.4800.
A rejection from resistance zones could lead to another decline.
📌 Conclusion: USDCAD is forming a potential bullish structure, but confirmation of a breakout above 1.4550 is needed before expecting further upside. 🚀
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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.
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.