Good morning traders! Today we want to present you a situation that we consider to be very interesting for the short-medium term. In this case we refer to the USD / CAD pair, which, in our opinion, is in a decisive zone.
🔸We see that at the beginning of this year the price faced a resistance zone, where it was strongly rejected, and from there it began a good bearish path.
🔸Given the strength of this move, the Ascending Trendline was also broken.
🔸Now, the price is facing a strong demand zone, where for a few weeks it has been reacting without a clear direction.
🔸What we are waiting for is a clear movement in one of the two directions before making any decisions in this pair.
🔸In case of a downside breakout, the next target is the support zone at 1.25500-1.26000.
🔸And, in case of a bounce, the first point of reaction is the Descending Trendline, which, if it is broken, the price would have the potential to reach the resistance zone.
🔸We see that at the beginning of this year the price faced a resistance zone, where it was strongly rejected, and from there it began a good bearish path.
🔸Given the strength of this move, the Ascending Trendline was also broken.
🔸Now, the price is facing a strong demand zone, where for a few weeks it has been reacting without a clear direction.
🔸What we are waiting for is a clear movement in one of the two directions before making any decisions in this pair.
🔸In case of a downside breakout, the next target is the support zone at 1.25500-1.26000.
🔸And, in case of a bounce, the first point of reaction is the Descending Trendline, which, if it is broken, the price would have the potential to reach the resistance zone.