FXtrades-gp

USDCAD: Is this TRIPLE BOTTOM reversing the MARKET?

Long
FX:USDCAD   U.S. Dollar / Canadian Dollar
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🟢Forex Pair:
USD/CAD

Technical Analysis:
Since December 2020, the price has been consolidating, moving with a side trend between the two S/R levels at about 1.28700 and 1.26700.
During that range of period, the price attempted many times a bearish movement, creating a possible triple bottom pattern.
It is currently moving with a strong bullish impulse, reaching twice the main resistance zone .
The next price action around that zone will be essential to understand the next market movement.

🔴Conclusion:
In the daily time frame, since March 2020 the price has been following a strong downtrend, ending with a triple rejections on the support zone at about 1.26200.
I'm confident to see the price starting a new trend and I'll be waiting for the breakout of the main resistance zone before planning my long position on this trade.

Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!

⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️

Trade Safe and Responsibly,
Gianni

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Comments

Potential short pullback 🐻❄️🙏😊😃
+1 Reply
FXtrades-gp PolarHusk
@PolarHusk, yup, let's see! thanks for your support! :)
Reply
Great Analysis, your the best keep it up , can you please include all major forex currency pairs (4H)
+1 Reply
FXtrades-gp humbleheart1980
@humbleheart1980 yes absolutely, I’m studying a different plan to share my daily ideas !
+1 Reply
Nice one Gianni!
+1 Reply
FXtrades-gp TheSignalyst
@TheSignalyst, Many thanks Rich! :)
Reply
I like it, wonderful.
+1 Reply
@abel11, cheers abel, really appreciate!
Reply
such azmazing work bro!!
+1 Reply
FXtrades-gp airforexoneJAVIER
@airforexoneJAVIER, I'm glad to hear that Javier! :)
Reply
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