Price Action Setup: CAD Pair Key Consolidation Breakout in Sight
We’re currently watching a well-defined consolidation zone after a sustained downtrend on this USDCAD pair.
Key Observations:
Trend Line Break: Initial strong downtrend followed by a break of the trend line, showing a potential shift in momentum.
Consolidation Zone: Price has been ranging between ~1.38616 (resistance and 1.38122 (support) for several days, forming a clear horizontal channel.
Double Bottom Formation: Two recent rejections at the lower boundary suggest temporary demand support.
Bearish Outlook: Unless we see a strong break above 1.38616, this structure favors a downside move. A clean break and retest of 1.38122 may confirm bearish continuation towards the 1.37000 area.
Setup Idea:
Watch for a break and retest of 1.38122 as confirmation for potential shorts.
Invalidation: A strong bullish break above 1.38616 would invalidate this bearish outlook.
Note: This analysis is purely technical and not related to any geopolitical sentiment. Trade responsibly and always manage Risk
Key Observations:
Trend Line Break: Initial strong downtrend followed by a break of the trend line, showing a potential shift in momentum.
Consolidation Zone: Price has been ranging between ~1.38616 (resistance and 1.38122 (support) for several days, forming a clear horizontal channel.
Double Bottom Formation: Two recent rejections at the lower boundary suggest temporary demand support.
Bearish Outlook: Unless we see a strong break above 1.38616, this structure favors a downside move. A clean break and retest of 1.38122 may confirm bearish continuation towards the 1.37000 area.
Setup Idea:
Watch for a break and retest of 1.38122 as confirmation for potential shorts.
Invalidation: A strong bullish break above 1.38616 would invalidate this bearish outlook.
Note: This analysis is purely technical and not related to any geopolitical sentiment. Trade responsibly and always manage Risk
Trade attivo
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Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.