USDCAD is reaching the downside support
USDCAD is testing the downside support, a previously broken resistance 1.2940. A rejection of this level and a confirmed break below 1.2850 will give us a higher probability of the short trade entries. A break above 1.3000 is now required for an upside reversal. The overall medium-term is a downtrend but we need to see a confirmed break below 1.2900 for the downside continuation. Wait for the price action setup.
Note – We are inclined to short trade entries with the stop loss above 1.2950 on a clear confirmed break below 1.2850.
FUNDED TRADER PROGRAM SPECIAL CHRISTMAS OFFER TWO MONTHS FOR THE PRICE OF ONE+10% DISCOUNT!
If you want to learn trading analysis and how to get to key trading levels like in this article register for Private Live mentoring with your trading evaluation.
