Top-down trading analysis USDCAD

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.

USDCAD monthly

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

USDCAD weekly chart

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.

USDCAD trade

Happy trading! (click on the chart to enlarge it)

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