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U.S. Dollar / Canadian Dollar
Short

USDCAD → Retest of volume density and key resistance

By RLinda
Updated
USDCAD is in the phase of trend change. The price begins to form the boundaries of the descending channel, at the same time, against the background of local strengthening of DXY, the currency pair is forming a correction to the resistance area.

snapshot

On d1 we see a global bearish trend in both DXY and USDCAD currency pair
The price is testing the key resistance area, in this place the market is struggling for further positions.
At 13:15 GMT ADP NonFarm EC is published, this news is worth paying attention to. It is possible to increase liquidity before further movement in one direction or another.
From the currency pair I expect a false breakdown of the mentioned resistance area with the subsequent continuation of the fall to the trend support. It is also worth noting that the market is experiencing peak volume density.
Moving trend lines act as resistance. MA-50 has been tested.

Resistance levels: 1.3575, 1.3629
Support levels: 1.3545, 1.3485

I expect that after the next retest and false breakdown the price will continue its direction following the trend.

Regards R. Linda!
Note
snapshot
Beyond Technical AnalysisDescending ChannelDescending TriangleDXYFibonacci RetracementFundamental AnalysisTechnical IndicatorsSupport and ResistanceSymmetrical TriangleTrend Line BreakUSDCAD
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