VasilyPonomarev
Short

USDCAD: Technical Analysis

FX:USDCAD   U.S. Dollar / Canadian Dollar

hey traders,

Though  USDCAD  is very chaotic in the last few days
yesterday we saw a very strong  bullish  impulse
breaking the resistance line of a  falling channel  and setting a new higher high higher close.

however, I am very very skeptical about further  bullish  continuation of the pair.
analyzing structure on 4H and  daily chart  , we see that the market is entering a wide  supply zone  .

I will be looking for a reversal formation inside this zone to short the pair.

Target levels will be 1.33 and 1.326

Please, remember: no matter which trading strategy will you choose, with our stop
above the  supply zone  our position will be protected.

good luck!


*if you like this idea, please, like it and leave a comment! thanks :)
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