USDCAD Testing Support Level, Potential Bearish Reversal

Price is testing support level of the bearish channel . Nevertheless, price could move higher and test key resistance. Look for dollar for a potential bearish reversal.


USDCAD Testing Support Level, Potential Bearish Reversal by EmpowerTrader on TradingView.com

Trade Step-ups:

Scenario One ( Bearish Reversal): Price rejects a bullish breakout. Look for a move to key support of the bullish channel . Profit levels to look for are 1.2950 and 1.29 respectively.

Scenario Two ( Bullish Breakout): Price breaks final resistance level . In which price consolidates above 1.3100.

 

Leave a Reply

Your email address will not be published. Required fields are marked *