Lingrid

USDCAD reversal and GROWTH from SUPPORT line

Long
FOREXCOM:USDCAD   U.S. Dollar / Canadian Dollar
Since April 2021, the price has maintained a downward movement that lasted in two stages. First, the price bounced off the April 2020 resistance line of 1.262. Then it broke through, consolidated and pushed off the resistance of January 2021 at point 1.233. As a result, the price dropped and stopped at the November 2020 support line. 1.209. I expect it to start growing from this point. Thus, my final target is the resistance line at 1.221.

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

Comments

Yes, over the past month the price has shown a serious drop. What do you think this is connected with?

But this week I do not expect any surprises and I think that the price will indeed reverse and rise as you said.
+2 Reply
I agree with your forecast also because after such a long and strong fall, a correction is simply necessary! Do you think that after this small increase, will the price continue to fall again?
+2 Reply
i think the usa core CPI should go up a bit. advise me stop loss friend
+1 Reply
Do you still believe in this idea?
Reply
Anyone putting stops below 1.2025ish?? Im looking at the 4 hr and we are on support but Im EST and tired of babysitting GMT :-)
Reply
Great forecast, thanks a lot. 🙌
Reply
Lingrid financialflagship
@financialflagship, many thanks)
Reply
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