POTENTIAL USDCAD SETUP. PRICE REJECTING MAJOR LEVEL AND FORMED A DESCENDING CHANNEL. LOOKING FOR A BREAK BELOW MINOR STRUCTURE FOLLOWED BY A RETEST FOR A SELL. WILL BE PAYING ATTENTION TO THE DYX AND ANY NEWS RELATED EVENTS. COMPARE WITH YOUR ANALYSIS. USE RISK MANAGEMENT! ! !
Since price is still in its distribution phase, I'm looking for another impulsive move to the upside before a major sell off. We have a major rejection of support but im looking for price to create a double bottom for confirmation. Be mindful of any heavy impact news releases related to covid or stimulus. Compare with your analysis. Use risk management!