USD/CAD STRUCTURE ANALYSIS|

22 ก.ค. 2020

The pair is trading in a downtrend, way above its diagonal support.

The range that the pair was trading in is broken, and the pair is falling towards the new solid horizontal support, that is very well visible on the 3 day chart.

The support of the range is now the new resistance.

According to the RSI the pair is now oversold, thus, I expect a possible pullback, into the area of close to the new resistance.

Should that happen, a short from that level is reasonable.

The targets would be the reversal level and the ultimate support zone.

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