USDCAD - Down Movement on most TFs expected - MTFA

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Hi Traders!
In the following you'll see a Multiple Timeframe Analysis.
It includes a screenshot and afterwards some bullet points.



Monthly TF:


- Price was in a Downtrend --> Big Direction
- Then it pulled back --> Healthy for a Trend
- A consolidation started --> Ready to for a change
- It made a double Top --> shows rejection for higher prices

--> Break of Support + Downmovement is expected


Weekly TF:


- Price was moving down
- It respected a descending TL
- It broke out of the TL
- It makes a Pullback of Down-movement

Two Possibilities:
1) Break of Trendline
Buyers will probably loose their strongest structure for now.
Sellers will probably get a bias to sell.
--> Downmovement

2) Break of Resistance
Sellers will probably get weak.
Price shows that it respects higher prices.




Daily TF:


- Break of daily Support
- Successful Retest is finished

--> Break of ascending TL expected
--> Down-movement expected


H4-TF:


- Market pulled back to retest the Breakout
- It went down a bit and made a Shooting Star Candle
- This Shooting Star shows Rejection for higher Prices

--> Down-movement expected




If you have any questions, another Point of View or anything else to share, don't hesitate to comment!




Thanks and successful Trading :-)!