Lingrid

USDCAD GROWTH in a downtrend

Long
FOREXCOM:USDCAD   U.S. Dollar / Canadian Dollar
Since last summer, the price has maintained a clear downtrend, guided by two strong lines: support from July 2020, and resistance from September.

During the fall, the price was able to break through the resistance line 1.285, then bounce off the resistance zone formed by this line and the trend line . As a result, after falling from the resistance line 1.279, the price came to the support line 1.260, where it is now.

During the existence of the line, the price made several breakouts, most of which were false. However, now I doubt that even a false breakout will occur. I expect the price to touch the line, take advantage of its support and start a new rally towards the resistance line.

Thus, the final target that I expect is the resistance line at 1.269.

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻
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Comments

good explanation, look what I see on this pair
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Lingrid TradingAxis
@TradingAxis, nice chart)
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Do you think it’ll go down to the 1.25 level before growth?
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Lingrid skarim22
@skarim22, maybe
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Great analysis, happy to see your posts.
Reply
Lingrid Naj_trade
@Naj_trade, you`re welcome)
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