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Monday, February 15, 2021

USDCAD: Falling down breaking the MAIN SUPPORT zone

USDCAD: Falling down breaking the MAIN SUPPORT zone

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🟒Forex Pair:
USD/CAD

Technical Analysis:
Since the 4th of February 2021, the price has been following a strong downtrend, bouncing on its trendline and S/R zone at about 1.27600 during the 12th of February.
A really strong bearish bar pushed the price down, breaking through its support zone at about 1.26700, and it is currently moving just around its main support at about 1.26300.

πŸ”΄Conclusion:
In the daily perspective I can see the price still in downtrend and I'll be looking for a new short position.
According with the analysis, there is a possibility to see a new rejection on the current support level , and I'll plan my position once I'll see a pullback on the resistance zone at about 1.26850

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⚠️
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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