Get started
MEX_Exchange

USDCAD has broken major support, prepare for a big drop

Short
U.S. Dollar / Canadian Dollar (FX:USDCAD)  
MEX_Exchange  
FX:USDCAD   U.S. Dollar / Canadian Dollar
Trend Analysis Harmonic Patterns Chart Patterns USDCAD USD CAD usdcadshort usdcadlong usdcadforecast usdcaddaily usdcadsell forexsignals
65
3
trendanalysis harmonicpatterns chartpattern usdcad usd cad usdcadshort usdcadlong usdcadforecast usdcaddaily usdcadsell forexsignals

USDCAD has broken our ascending support line triggering a bearish move from here.

Sell below 1.2974. Stop loss at 1.3052. Take profit at 1.2731.
Reason for the trading strategy (technically):
Price has broken our ascending support line triggering a bearish exit. We look to sell below major resistance at 1.2974 (Fibonacci retracement, pullback resistance) for a drop towards major support at 1.2731 (Fibonacci retracement, horizontal overlap support).
RSI (55) has made a similar bearish exit and pullback to its ascending support-turned-resistance line signalling that a further drop is likely.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.