USDCAD setting up for a possibly lengthy Short
USDCAD has been seeing a lot of downwards movement on the technical chart.
For the past four periods its has been testing a particular historical resistance trend line(Thick Blue).
I have identified two key support lines(green), will wait for a break.
A few "Hanging man" candlesticks have been observed which indicate a probably pattern reversal from bullish to bearish. Most of these have been observed on lower time frames (4H and 2H). They are present in small bullish waves.
Unfortunately the outlook is very dependent on the fundamentals (oil price) and as technical trader that a very difficult factor for me to overcome.
Good luck everyone!!
For the past four periods its has been testing a particular historical resistance trend line(Thick Blue).
I have identified two key support lines(green), will wait for a break.
A few "Hanging man" candlesticks have been observed which indicate a probably pattern reversal from bullish to bearish. Most of these have been observed on lower time frames (4H and 2H). They are present in small bullish waves.
Unfortunately the outlook is very dependent on the fundamentals (oil price) and as technical trader that a very difficult factor for me to overcome.
Good luck everyone!!
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