USDCAD ! Reasons for a short scenario. Falling down?🧐

2 ส.ค. 2022

USDCAD is trading in a channel. Prerequisites for a short price: The price is trading in a downtrend and clearly sticking to the channel boundaries, the currency pair is in a resistance zone and forming a false breakout, In the first half of July a shake-out - up was formed, after which the price fell again.

On the chart, we can see that from the support, the price corrected to the resistance area again, but as the trend is downward and the resistance line is strong enough, there is a chance for the price to go down.

I assume that after the false-break and fixation of the price under 1.28658, we will see the price decline. Short term target is the support at 1.28100, medium term target is the liquidity zone below 1.27620

Regards R.Linda!