Price Action Setup: CAD Pair Key Consolidation Breakout in Sight
We’re currently watching a well-defined consolidation zone after a sustained downtrend on this USDCAD pair.
Key Observations:
Trend Line Break: Initial strong downtrend followed by a break of the trend line, showing a potential shift in momentum.
Consolidation Zone: Price has been ranging between ~1.38616 (resistance and 1.38122 (support) for several days, forming a clear horizontal channel.
Double Bottom Formation: Two recent rejections at the lower boundary suggest temporary demand support.
Bearish Outlook: Unless we see a strong break above 1.38616, this structure favors a downside move. A clean break and retest of 1.38122 may confirm bearish continuation towards the 1.37000 area.
Setup Idea:
Watch for a break and retest of 1.38122 as confirmation for potential shorts.
Invalidation: A strong bullish break above 1.38616 would invalidate this bearish outlook.
Note: This analysis is purely technical and not related to any geopolitical sentiment. Trade responsibly and always manage Risk
Key Observations:
Trend Line Break: Initial strong downtrend followed by a break of the trend line, showing a potential shift in momentum.
Consolidation Zone: Price has been ranging between ~1.38616 (resistance and 1.38122 (support) for several days, forming a clear horizontal channel.
Double Bottom Formation: Two recent rejections at the lower boundary suggest temporary demand support.
Bearish Outlook: Unless we see a strong break above 1.38616, this structure favors a downside move. A clean break and retest of 1.38122 may confirm bearish continuation towards the 1.37000 area.
Setup Idea:
Watch for a break and retest of 1.38122 as confirmation for potential shorts.
Invalidation: A strong bullish break above 1.38616 would invalidate this bearish outlook.
Note: This analysis is purely technical and not related to any geopolitical sentiment. Trade responsibly and always manage Risk
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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.