FXtrades-gp

USDCAD: Falling down breaking the MAIN SUPPORT zone

Short
FX:USDCAD   U.S. Dollar / Canadian Dollar
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🟢Forex Pair:
USD/CAD

Technical Analysis:
Since the 4th of February 2021, the price has been following a strong downtrend, bouncing on its trendline and S/R zone at about 1.27600 during the 12th of February.
A really strong bearish bar pushed the price down, breaking through its support zone at about 1.26700, and it is currently moving just around its main support at about 1.26300.

🔴Conclusion:
In the daily perspective I can see the price still in downtrend and I'll be looking for a new short position.
According with the analysis, there is a possibility to see a new rejection on the current support level , and I'll plan my position once I'll see a pullback on the resistance zone at about 1.26850

Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!

⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️

Trade Safe and Responsibly,
Gianni

Comments

Excited for this
+1 Reply
FXtrades-gp Investroy
@Investroy oh, glad to know 😁
Reply
Well here is our recent idea:)
+1 Reply
FXtrades-gp ForecastCity_World
@ForecastCity_World, I'd say really interesting! thank you !:)
Reply
Amazing chart !!!
+1 Reply
@BigLava, many thanks guys!
Reply
lets see how much higher it can go! nice idea!
+1 Reply
FXtrades-gp TopTradingSignals
@TopTradingSignals, yep! thanks so much :)
Reply
interesting, how it will interact with the falling resistance! great idea by the way!
+1 Reply
FXtrades-gp ProSignalsFx
@ProSignalsFx, Let's see :) thanks for your feedback guys!
Reply