USDCAD → The currency pair is preparing to decline. Target 1.360

12 ago 2024

USDCAD for the last few days does not show any preconditions for a pullback or growth, forming a pre-breakdown consolidation relative to 1.372. The fall of the dollar can provoke a breakdown....



Technically, the price is returning to the range of 1.3755 - 1.3600. The bears are holding resistance, forming a descending triangle under the upper boundary of the range, which is generally a prerequisite for a fall. The only possible target in such a case could be the range support.
According to the survey conducted by BofA among investors, more and more traders are betting on the decline of the dollar. The general policy of the Fed is also putting pressure on the index. The currencies may go into a strengthening phase....

Resistance levels: 1.3755, 1.3787
Support levels: 1.372, 1.3655

Technically, the currency pair is forming a local downtrend, and the intermediate patterns play the role of triggers for the continuation of the movement. Accordingly, I continue to expect that the currency pair may decline to 1.36

Rate, share your opinion and questions, let's discuss what's going on with ★ USDCAD ;)

Regards R. Linda!

17 ago 2024

Trade attivo

Transition to the implementation phase.
The price closes in the low of the day.
High chance of continuation of the fall

19 ago 2024

Trade attivo

20 ago 2024

Trade chiuso: obiettivo raggiunto

All targets reached!