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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:

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.

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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