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forexwithfred

USD/CAD - Break & Retest of Support Structure

Short
U.S. Dollar / Canadian Dollar (FX:USDCAD)  
forexwithfred  
FX:USDCAD   U.S. Dollar / Canadian Dollar
Trend Analysis Chart Patterns Technical Indicators USDCAD usdcadshort usdcadidea CAD DXY Technical Analysis breakandretest Forex
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trendanalysis chartpattern indicator usdcad usdcadshort usdcadidea cad dxy technicalanalysis breakandretest forex
Trade Suggestion:
  • Price to continue its downtrend after bounce off trendline resistance level
  • D1 Timeframe shows price trading within descending triangle and has show bearish bias from touching its resistance
  • DXY Dollar Index beginning to show some weakness after bullish surge
Technical Analysis
  • EMA Bearish cross of 10EMA & 50 EMA adds bearish confluence
  • Broken support has held price before, showing rejection in the past
  • Price has broken H4 support structure and has retested its level
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