USDCAD short opportunity coming up
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Weekly chart looks the red line should offer resistance.
Looking in closer 4-hour time frame, there are more resistance reasons as shown below.
Looking in closer 4-hour time frame, there are more resistance reasons as shown below.
- resistance of upper channel
- resistance trend line (cyan)
Nota
Potentially, this is what I think is likely to happen - an inverted H&S.Long term, I am bullish and definitely see a much higher probability that the UC will break aggressively out of this weekly descending resistance and CAD will drop back down to 70 cents area.
In the meantime, we could have a rejection of this weekly desc. resistance, leading up to the formation of a right shoulder.
tradingview.com/chart/HIIzLJ32/
Nota
Also, BoC rate decision is Wednesday morning - not sure how to plan for that one.Nota
H&SForgot to add a proper image of the inverted H&S
tradingview.com/chart/HIIzLJ32/
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