💱USDCAD - The market is testing the limit support area
USDCAD is forming a retest of the key support area. The correction phase is quite deep and amounts to almost 1.5% of the price. Most likely, as long as the market is standing still, including the dollar, the currency pair can form a false breakdown of the liquidity area
TA on the drawdown timeframe:
1) support retest, we have 5 confirmations. The level was resistance earlier, now it plays the role of support - a strong formation.
2) Flat formation
TA on the low timeframe:
1) A flat, both local and global, is being formed
2) Retest of the support at 1.34970 may form a false breakout with further strengthening.
3) BUT! Judging by D1, bears are pressing the market hard. There is a chance of breakout and fall
4) Consolidation either below or above the level will form the entry point.
Key support📉: 1.34970
Key resistance📈: 1.35668
TA on the drawdown timeframe:
1) support retest, we have 5 confirmations. The level was resistance earlier, now it plays the role of support - a strong formation.
2) Flat formation
TA on the low timeframe:
1) A flat, both local and global, is being formed
2) Retest of the support at 1.34970 may form a false breakout with further strengthening.
3) BUT! Judging by D1, bears are pressing the market hard. There is a chance of breakout and fall
4) Consolidation either below or above the level will form the entry point.
Key support📉: 1.34970
Key resistance📈: 1.35668
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