USDCAD: Keep an Eye on This
USDCAD is traded within a triangle in the H4 chart. The price had several rejections at 1.28450. At the last rejection, it made a good bearish move, but moved towards the North by obeying an up trending trend line. If the price gets bearish and makes a breakout at the trend line, the sellers may go short in the pair and drive the price towards the South with good momentum. The H4 chart shows that there is enough space for the price to travel towards the downside. It may attract more sellers to go short in the pair. The price may find its next support around 1.32000.
On the contrary, if it makes a bullish breakout at the horizontal resistance, the buyers may push the price towards the North. The price may find its next resistance around 1.41000.
Considering the chart, the Bear has more space to move, but the Bull has some advantages too. Let us wait and watch who wins here. One thing for sure, USDCAD is going to be on the traders’ watch list this week.
On the contrary, if it makes a bullish breakout at the horizontal resistance, the buyers may push the price towards the North. The price may find its next resistance around 1.41000.
Considering the chart, the Bear has more space to move, but the Bull has some advantages too. Let us wait and watch who wins here. One thing for sure, USDCAD is going to be on the traders’ watch list this week.
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