USDCAD Has been in a downward channel for a while and just hit the resistance level. If the price does not exceed the resistance level at 1.28305, USDCAD is still in a strong bearish trend. Today's spike up can be attributed to the Retail Sales numbers decreasing from 1.1% to 0.4%. However, the consensus was 0.2%. Our first TP is the other end of the channel, while our second TP is the next support line back in 2018. A pullback in that area will give us another position to sell. We can expect the price to reverse around this zone, but if that is not the case, we will add more shorts at the next resistance line.
Please give a thumbs up if you agree with the idea and if there are any questions, feel free to comment down below.
Please give a thumbs up if you agree with the idea and if there are any questions, feel free to comment down below.
Comment:
I just noticed that the graph is incorrect because TradingView did save my latest edit. Please check out the correct version:
