Hi traders,
The USDCAD looks good for downside. There is a lot of strong technical resistance here so this is a good resistance area to consider short positions. Looks like price will break down but I am expecting a retest of sideward support turned resistance, before the breakdown. This could be a corrective move but is also equally likely to be an impulse.
Best regards,
Tom_Killick
The USDCAD looks good for downside. There is a lot of strong technical resistance here so this is a good resistance area to consider short positions. Looks like price will break down but I am expecting a retest of sideward support turned resistance, before the breakdown. This could be a corrective move but is also equally likely to be an impulse.
Best regards,
Tom_Killick
Comment:
Strong pullback after we hit sidewards support. I highly expect a bounce at 1.3545 level before a move down. If price goes above this level, we would consider this trade temporarily inactive until the market sets up again.
