USDCAD is rejected from the strong confluence of the resistance
USDCAD is rejected from the 1.3900-1.4000 zone, which is a long-term cluster of resistance. Here USDCAD is facing and is being rejected by the confluence of the resistance, Fibonacci 78.6% retracement, long-term Pitchfork channel resistance line, and a parallel uptrend channel midline.
The weekly chart reveals a clear rejection and a reversal from the zone near 1.4000. The bearish engulfing candle could lead to a strong downside reversal to 1.3400 and lower.
On a daily chart, we can see a good RR trade opportunity Already a member?
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We have used the combination of the top-down trading analysis to get these critical levels explained in the charts. Also, you can see Elliott Wave and price action analysis together with the Andrews Pitchfork channel tool. If you want to learn the trading strategy that will give you immediate results in your trading register for Trader’s classroom.