USDCAD → Resistance Retest. Bears can send the price down

3. Mai 2023

USDCAD forms a global reversal pattern, returns to the channel and tests the resistance of the descending range, but the news is published, which causes the weakening of the dollar.

The currency pair forms a correction after the retest of the resistance of the descending channel. The price on the next retest fails to renew the local maximum and forms a consolidation below the strong 1.3625 liquidity area. If the bears hold this area, then the fall along the trend will continue and our target will be the support zone.
The moving averages will serve as support and recently indicate a local change of the trend, which due to the DXY might not take place.

Key resistance: 1.3625, 1.3636 and downtrend channel resistance
Key support: 1.35300, support zone 1.3465
I think the bears will try to hold the market and in that case the currency pair will weaken to the support. But, if the break of the resistance happens, we will see an increase to 1.37400

Regards to R. Linda!

3. Mai 2023

Trade ist aktiv

4. Mai 2023

Anmerkung

Retest and initial reaction to the resistance area in the format of price consolidation in the red zone