Top-down trading analysis. USDCAD an upside reversal
In this article, we will share a top-down trading technical analysis for the USDCAD.
On the monthly USDACD chart, we can see that the pair is in the long-term triangle and is bouncing from the 1.3110 level to face another important resistance higher 1.3300 level.
On the weekly chart, we can see the important uptrend reversal resistance 1.3300-1.3350 zone. This zone was not broken to the upside from June 2019 despite numerous price action spikes
By using our top-down trading technical analysis we have identified the key levels which will be your triggers for a trading strategy in this instrument upon an important upside break of the strong resistance. Preferred entry is long with the stop loss below the near-term uptrend resistance break 1.3250. Take profit target is 1.3410 level at least.
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Happy trading! (click on the chart to enlarge it)
