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JinDao_Tai
Feb 27, 2023 5:14 PM

Could the USDCAD reverse? Short

U.S. Dollar/Canadian DollarFXCM

Description

The USDCAD shot up, touched the 1.3665 (bottom of the resistance area), and formed an h4 pinbar, signaling a rejection of the resistance area.

The question now is, will the USDCAD break the upward trendline to signal a reversal? This could see the price trade down to the 1.3450 (round number level) and 1.3470 price level (50% Fibonacci retracement level) support area.
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