USDCAD is testing the final upside resistance
It is testing the 1.3400 upside reversal resistance after the bounce off 1.3100. For a downside extension and a higher probability of the short trade entries, we need to see a confirmed break below 1.3100. A confirmed break above 1.3400 is required for an upside reversal triangle consolidation breakout to be confirmed. The overall medium-term is owntrend but we need to see a confirmed break below 1.3100 for a downside extension.
Note – We are inclined to long trade entries but only on a confirmed break above 1.3400.
Elliott Wave&Price action combined crash course with add-ons! Promo 50% off!
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.
