USDCAD → Realization of a symmetric triangle on W1

30 thg 6, 2023

USDCAD on W1 demonstrates exiting a symmetrical triangle downwards. A correction or rebound from downtrend support is forming. What to expect from the price in the near term?



The price forms a bearish price channel and after another retest of the trend support the currency pair forms a rebound to the resistance area 1.32697-1.33171. There is a high probability that the price will not break this area and after consolidation and a break of the limit support level 1.32400 will continue its fall to 1.31214.
The market is controlled by the bears, the medium-term potential is 1.28000
The 200-hour moving average acts as resistance and supports the upper boundary of the channel; the 50-hour is support, but probably not for long.

Resistance levels: 1.32697, 1.33171, MA-200
Support levels: 1.32400, MA-50
I expect the fall from the resistance area will continue. Realization of the global pattern, which is able to send the price to 1.28000, is forming.

Regards R.Linda!