Get started
AlgoVenture

USDCAD Sell - Top of Sym Tri and Supply Zone

Short
U.S. Dollar / Canadian Dollar (FX:USDCAD)  
AlgoVenture  
FX:USDCAD   U.S. Dollar / Canadian Dollar
Trend Analysis Chart Patterns USDCAD usdcadsell usdcadshort loonie dailyanalysis dailyforecast dlifestyletrader
1
0
trendanalysis chartpattern usdcad usdcadsell usdcadshort loonie dailyanalysis dailyforecast dlifestyletrader
USDCAD rebounded strongly yesterday after strong demand appeared at the bottom of a 1-month symmetrical triangle.
The price closed above the middle of the whole ranging structure signalling that the price may climb further.
The price is likely to climb higher with some remaining demand and will retest the top of the symmetrical triangle where the price will face with very strong resistance.
Wait for selling opportunity within the supply zone at 1.3420.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.