The current technical pattern indicates a possible correction of the USD/CAD currency pair after a fairly long fall. Near the "mirror" support of 1.26150 a number of Price Action classic patterns, Inside Bar (H4 timeframe), which currently act as reversal formations, have been formed. The local resistance is the level of 1.26500. We recommend you to pay attention to this situation.
If the price fixes above 1.26500, it is necessary to consider buying USD/CAD. The immediate goal of profit taking is the offer zone of 1.27000-1.27450. In the medium term, USD/CAD may reach a round level of 1.28000. Confirmations and entry points to the market should be looked for on lower timeframes. When following the positions, 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