🔸Hello traders, let's review the 8 hour chart for USDCAD today. Rejection from overhead resistance at/near 3625, double top formation and subsequent dump. below we got some supports, however 3350 key s/r was tested 4 times already, therefore s/r is weak now.
🔸Expecting sell-side pressure to accelerate and we can expect breakdown of key s/r at/neat 3350. bears maintain control mid-term, and recommended strategy is short selling rips/rallies near market price.
🔸Recommended strategy for USDCAD bears: short sell rips/rallies near market price. TP1 bears +150 pips TP2 bears is +300 pips. this is a swing trade setup. good luck!
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Very interesting point of view. I think this scenario is possible for collecting liquidity, it would be very useful. Thanks for the work done, buddy)
VasilyTrader
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Good market breakdown!
LegionQ8
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exceptional USDCAD analysis, thanks brother, It's great
Solldy
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I second that! It's a little early to make a prediction now, of course, but all the arguments are the same as the ones I highlighted for myself. So, my scenario is almost completely the same)