USDCAD Bearish Breakdown: Retest & Drop Incoming?

Feb 13

USDCAD Daily Chart Analysis 📉🔥
1️⃣ Trend Breakdown:

The pair was in an uptrend but has now broken below the ascending trendline, signaling a potential bearish shift.
2️⃣ Resistance Zone (Supply Area) 🟦:

The 1.4350 - 1.4450 region acted as resistance, rejecting price strongly.
Multiple rejections in this area indicate strong selling pressure.
3️⃣ Bearish Confirmation 📉:

Price is now trading below the broken trendline.
The recent daily candle closed bearish, confirming sellers are in control.
4️⃣ Key Support Areas 🔍:

1.3957 (200 EMA) → A crucial dynamic support level.
1.3916 → Previous key level that may act as strong demand.
5️⃣ Projected Move ⬇️:

Price may retest the broken trendline (pullback).
If rejection occurs, further drop towards 1.3950 - 1.3910 is likely.
📌 Final Thought:
A bearish move is in play! Watch for a pullback to retest the broken structure before considering further shorts. If price breaks below 1.3950, expect further declines.

💭 What’s your bias? Bulls 🐂 or Bears 🐻?

Feb 16

Trade active

Yep! USDCAD printed another bearish daily candle, confirming selling pressure. 📉🔥

Now, it's at a key decision point—either:
1️⃣ Retrace & push back up if buyers step in. 📈
2️⃣ Continue dropping if sellers stay in control. 📉

🔍 Watch for price action near 1.3950 - 1.3910 (strong support). A bullish rejection there could mean a reversal, while a breakdown signals further downside.

What’s your bias now? Bulls 🐂 or Bears 🐻? 🚀