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Sunday, May 30, 2021

USDCAD Analysis May 30, 2021

USDCAD Analysis May 30, 2021

On the weekly timeframe we are still in a downtrend but showing signs that we may be ready for a reversal. Look how to previous three weeks candles closed. This is showing us that there could be a reversal in order.

snapshot
On the daily timeframe price is forming a rectangle at the bottom of a bearish push. This is normally a continuation pattern and I will not take buy opportunities until we break out of this to the upside.
snapshot
On the H4 timeframe we can see the trend as being bearish overall forming LH’s and LL’s. We may have an opportunity to short this early in the week as we have already rejected the 1.21400 level which is the main area of resistance. Short on a break and retest of the 1.21400 level or a continuation to the downside!

from TradingView Ideas https://ift.tt/3vAcx0E
via gqrds

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