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
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Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.