3rd Times The Ticket! - UCAD

Here I have USD/CAD on the Daily Chart!

Price on UCAD has been Ranging between the Resistance Zone @ ( 1.3880 - 1.3804 ) & Support Zone @ ( 1.3223 - 1.3116 ) since Sept. 2022!!!

Price revisited the Resistance Zone on Apr. 16th-17th and since has created a LOWER LOW with price finding a Minor Support Level @ ( 1.3647 - 1.3616 )

Suspecting Price may be creating a Descending Triangle, I am waiting for price to attempt 1 more High that will be the 3rd Test of the Falling Resistance in which I will be looking for Selling Opportunities down to the Support Zone @ ( 1.3223 - 1.3116 )!

*I have suspected a 2nd Scenario where given the current Bullishness of Price Action since its visit at the Support Zone in late Dec. 2023, if price is unable to Break Below the Minor Support Level, we could see this Falling Resistance turned into Support to then move Higher!

Comment:

At market open we have Price working up already!

Suspecting a rise to the Falling Resistance for a 3rd test!

Trade active:

Took a Buy Entry @ 1.3675
SL @ 1.3650

Comment:

Price tested the Falling Resistance this morning and price now is working back to it!
Looking to take Selling opportunities now!

Comment:

Price has broken down through the Support Zone!!

Now we want to see price work back up to test for RESISTANCE!!