Good morning traders, today we bring you an analysis on the weekly chart of the USD/CAD pair.
🔸As we can see, the price is on a steep downside move that started in early 2020 and has not stopped yet.
🔸At this time, the price is breaking the key level of 1.2500.
🔸The next price stop zone is at 1.23000, however this is a minor support. The key zone, where there is a high possibility of reversal, is at 1.2100.
🔸What we consider safe to wait is a clear close of a daily candle below the zone, and then some corrective pattern that gives us a good R/R ratio. Something similar to what we indicate in the image below:
🔸As we can see, the price is on a steep downside move that started in early 2020 and has not stopped yet.
🔸At this time, the price is breaking the key level of 1.2500.
🔸The next price stop zone is at 1.23000, however this is a minor support. The key zone, where there is a high possibility of reversal, is at 1.2100.
🔸What we consider safe to wait is a clear close of a daily candle below the zone, and then some corrective pattern that gives us a good R/R ratio. Something similar to what we indicate in the image below: