#USDCAD: Further Downside Likely #forex

FX:USDCAD   U.S. Dollar / Canadian Dollar
1722 6 37
Sideways breakout hints a deep correction!

  • The pair has broken the support of the main rectangle pattern at 1.2370 area.
  • The price has broken the short term 50-days SMA
  • Breakout below the short term rising trend line

Measured target for the rectangle pattern suggest a retest of the main rising trend line area as the next possible target. I illustrated a potential scenario on chart. Stability back above 1.2480 may negate this scenario

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Yes, waiting for retest.
I am also agree...
Agree with the idea Tech! Good simple analysis as always =D
Hey Technician, Looking for retest as well. Good Luck !!
Totally agree. Hoping for a retest of the rectangle when I can get a tight loss short.
Technician TomProTrader
Yep, same here.
-1 Reply
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