💱USDCAD - A reversal pattern and a trend change
USDCAD breaks the downtrend and forms a reversal pattern. Good potential for strengthening of the currency pair begins to appear
TA on high timeframe:
1) On d1 the situation is complicated. Consolidation is formed inside the channel 0.91200 - 0.88595.
2) It is acceptable to buy if the consolidation is above the level of 1.32600 or above the base of the pattern H&S.
TA on the low timeframe:
1) A local bottom of 1.31200 is formed, to which price reacts in a "rally" format
2) Resistance is broken and after the channel resistance is retested, the price retests 1.32600.
3) Breakout and consolidation of 1.32600 will form a counter-trend entry point into a long position. In this case there is a chance to strengthen to 1.3383
Key support📉: 1.3206, 1.3177
Key resistance📈: 1.32600
TA on high timeframe:
1) On d1 the situation is complicated. Consolidation is formed inside the channel 0.91200 - 0.88595.
2) It is acceptable to buy if the consolidation is above the level of 1.32600 or above the base of the pattern H&S.
TA on the low timeframe:
1) A local bottom of 1.31200 is formed, to which price reacts in a "rally" format
2) Resistance is broken and after the channel resistance is retested, the price retests 1.32600.
3) Breakout and consolidation of 1.32600 will form a counter-trend entry point into a long position. In this case there is a chance to strengthen to 1.3383
Key support📉: 1.3206, 1.3177
Key resistance📈: 1.32600
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