USD/CAD Bearish setup is coming!

7. Aug. 2023

On this pair, we have a bullish setup on the daily chart with a double impulse trendline. Currently, the price seems to be closing below a very important resistance level at 1.3380. If the market closes below this level, we could expect a downtrend towards the 1.3240 level, where we have a valid trendline with a higher timeframe FVG (Fractal Volume Gap) confirmation in the H1 chart. This would validate the bullish trendline. Additionally, if the M15 chart confirms the setup, I will aim for a long trade with an entry at the FVG zone and a target at the previous high around 1.3650. Let me know what you think. Happy trading to all from Nicola, the CEO of Forex48 Trading Academy.