The current technical pattern signals a possible correction of the USD/CAD currency pair after a significant increase since the beginning of the current month. Near the key supply zone of 1.33100-1.33350, the classic reversal pattern of Triple Top (H1 timeframe) has been formed. At the moment, the USD/CAD quotes are testing the local support level of 1.32250. We recommend paying attention to this situation.
If the price fixes below 1.32250, you need to look for entry points to the market to open short positions. The immediate goal for profit taking is the “mirror” support level of 1.31600 (61.8% correction zone). The movement is tending to 1.31250-1.31000. When following a position, we recommend using a trailing stop.
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.Open Account