Descending channel on USD/CAD

Descending channel on USD/CAD

The bearish sentiment prevails on the USD/CAD currency pair. Over the past week, a pronounced descending channel (H1 timeframe) has formed. It is necessary to pay attention to this situation. At the moment, the price is testing the lower border of the figure. We recommend looking for entry points to the market in order to open short positions.

Conservative traders should wait for the correction to the offer zone of 1.35750-1.35900.

If the USD/CAD quotes consolidate below the round level of 1.35000, we also recommend considering sales. The target level of movement is 1.34500-1.34250.

View trading ideas by the Price Action method.

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.