USDCAD Failed Breakdown
Structure: Sideway (1.31 - 1.3180)
Moving Average: 15 EMA Crosses 50 MA, 200 MA at Resistance Level
Trendline: Breakout of Downtrend Line
Pattern: Head & Shoulder in Lower Timeframe
Trigger: Failed Breakdown at 1.31 level, Bullish Candles regain power
Support: 1.31 - 1.3120
Resistance: 1.32, 1.3260
Bearish momentum went out of steam at 1.31, trend changed from downtrend to sideway, with a uptrend turnaround expectation.
Oil price is likely to weaken, fundamentally support CAD weakness.
Potential long around 1.3120 - 1.3140
SL: 1.3090
1st Target: 1.32
2nd Target: 1.3260
Moving Average: 15 EMA Crosses 50 MA, 200 MA at Resistance Level
Trendline: Breakout of Downtrend Line
Pattern: Head & Shoulder in Lower Timeframe
Trigger: Failed Breakdown at 1.31 level, Bullish Candles regain power
Support: 1.31 - 1.3120
Resistance: 1.32, 1.3260
Bearish momentum went out of steam at 1.31, trend changed from downtrend to sideway, with a uptrend turnaround expectation.
Oil price is likely to weaken, fundamentally support CAD weakness.
Potential long around 1.3120 - 1.3140
SL: 1.3090
1st Target: 1.32
2nd Target: 1.3260
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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.