USDCAD broke that support level and retest it and had that strong rejection.
It suggests that the market will continue the down direction toward the next support level.
As an alternative scenario to be taken into consideration is that if the market penetrated the resistance level, then we will buy the market, and only then I'll update this idea.
Good luck and to be updated....
It suggests that the market will continue the down direction toward the next support level.
As an alternative scenario to be taken into consideration is that if the market penetrated the resistance level, then we will buy the market, and only then I'll update this idea.
Good luck and to be updated....
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If prices closed above resistance we will turn into the alternative scenario :
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Needless to say that our bearish outlook still valid if the market didn't close above the resistance level.
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If at any moment the prices break below this trendline, we would back to our bearish outlook: