USDCAD 2-hour chart Pattern..

15 Okt

USDCAD 2-hour chart, here’s what can be observed and inferred technically:

🔍 Chart Analysis Summary:

Pair: USD/CAD

Timeframe: 2H (2-hour)

Current price: ~1.4033

Trendline: Upward sloping (acting as dynamic support)

Recent action: Price broke out from consolidation, reached resistance near 1.4060–1.4080 zone, and started to pull back.

Cloud (Ichimoku): Currently price is above the Kumo cloud, but appears to be testing or potentially dipping into it.



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🎯 Target Areas (based on your annotations and market structure)

1. Short-term target:

First Target Point: Around 1.4000–1.4009

This matches my chart annotation just above the ascending trendline.

Likely corresponds to minor support and a retest of the trendline area.



2. Extended / Swing Target:

Second Target Point: Around 1.3880–1.3890

This is marked as the lower "Target Point" on my chart.

It aligns with a deeper correction scenario if the trendline breaks cleanly and the bearish momentum extends.

That would fill the “measured move” drawn on my chart (projected from the previous range height).




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⚠ Key Levels to Watch

Level Type Note

1.4080 Resistance Previous high / Supply zone
1.4000 Support / Target 1 Trendline + psychological round number
1.3880 Target 2 Full measured move projection
1.4060–1.4080 Sell Zone Potential retest area if price bounces



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📉 Bias:

If the price breaks below 1.4000 (trendline support) and holds under the Kumo cloud, a move toward 1.3880 looks likely.
If it holds above 1.4000 and rebounds, the short-term correction could end there.

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