💱USDCAD - False breakdown and flat formation is possible
USDCAD formed a head and shoulders after a false breakdown of key resistance. It was at this point that the dollar began to weaken and led the currency pair to test the local bottom at 1.30900
TA on the high timeframe:
1) A false break of resistance sends the price to support at 1.3138
2) Since the forex market is flat more than 70% of the time, the price is likely to form a false break of support and start to strengthen
TA on the low timeframe:
1) A false breakout is forming against the local support at 1.31179. A rebound to the resistance is possible
2) Fibo levels can also serve as a magnet for correction.
3) There are high chances of flat formation, the price may form a rebound before further fall.
Key support📉: 1.31179
Key resistance📈: 1.31776
TA on the high timeframe:
1) A false break of resistance sends the price to support at 1.3138
2) Since the forex market is flat more than 70% of the time, the price is likely to form a false break of support and start to strengthen
TA on the low timeframe:
1) A false breakout is forming against the local support at 1.31179. A rebound to the resistance is possible
2) Fibo levels can also serve as a magnet for correction.
3) There are high chances of flat formation, the price may form a rebound before further fall.
Key support📉: 1.31179
Key resistance📈: 1.31776
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