USDCAD: A Triangle May Be Formed
# Keep an eye at horizontal support 1.35300
# The bearish trend line gets stronger
In our last analysis, we saw that USDCAD made a bearish move by producing a trend line last week. The price had rejection twice at two points that can be used to draw the trend line with some adjustments. This means the sellers may be more interested to go short in the pair. However, the horizontal level of support at 1.35300 looks very strong as well. The price reacted at that level several times. It had a bounce yesterday again, which shows the strength of that level. Thus, the sellers may wait for the price to make a bearish breakout at 1.35300 to go short in the pair. The price may find its next support around 1.33500.
On the other hand, if the price makes a bullish breakout at the trend line, the buyers may keep their eyes in the pair to go long upon having breakout confirmation followed by a bullish reversal candle. In case of bullish breakout, the price may find its next resistance around 1.38500.
# The bearish trend line gets stronger
In our last analysis, we saw that USDCAD made a bearish move by producing a trend line last week. The price had rejection twice at two points that can be used to draw the trend line with some adjustments. This means the sellers may be more interested to go short in the pair. However, the horizontal level of support at 1.35300 looks very strong as well. The price reacted at that level several times. It had a bounce yesterday again, which shows the strength of that level. Thus, the sellers may wait for the price to make a bearish breakout at 1.35300 to go short in the pair. The price may find its next support around 1.33500.
On the other hand, if the price makes a bullish breakout at the trend line, the buyers may keep their eyes in the pair to go long upon having breakout confirmation followed by a bullish reversal candle. In case of bullish breakout, the price may find its next resistance around 1.38500.
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