Where USDCAD will going ?
USDCAD has reached a resistance level with high RSI and MFI, indicating potential for a reversal.
Entry Zone: 1.37284 - 1.3755
Analysis:
Resistance Level: The pair has hit a significant resistance, suggesting selling pressure.
RSI and MFI: Both indicators are high, often a precursor to a downward movement.
Price Action: Recent price action shows a consolidation around this level, further indicating potential for a reversal.
Trend Analysis: A break below the entry zone could signal a continuation of the downtrend.
Take Profit Targets:
1.36910 - First support level, close to the lower bound of the entry zone.
1.36710 - Next support level, aligned with recent price lows.
1.36530 - Further support, reinforcing the downtrend.
1.36310 - Major support level, significant for confirming the reversal.
Stop Loss: 1.37700 - Placed just above the resistance to protect against false breakouts.
Entry Zone: 1.37284 - 1.3755
Analysis:
Resistance Level: The pair has hit a significant resistance, suggesting selling pressure.
RSI and MFI: Both indicators are high, often a precursor to a downward movement.
Price Action: Recent price action shows a consolidation around this level, further indicating potential for a reversal.
Trend Analysis: A break below the entry zone could signal a continuation of the downtrend.
Take Profit Targets:
1.36910 - First support level, close to the lower bound of the entry zone.
1.36710 - Next support level, aligned with recent price lows.
1.36530 - Further support, reinforcing the downtrend.
1.36310 - Major support level, significant for confirming the reversal.
Stop Loss: 1.37700 - Placed just above the resistance to protect against false breakouts.
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