USD/CAD
could not break above the resistance at 1.2920 and after forming a triple top
at that resistance on the D1 time frame it started depreciating.
At the
moment the pair is in the support zone around 1.2620 – 1.2660 from which it has rebounded
multiple times for the past nine weeks.
I think
that in case it breaks out below that zone and remains below it then the
depreciation will continue toward the zone around 1.2460 - 1.2400 (in
red) where is the next support.
In the
alternate scenario the pair will rebound from the current support and it will
attempt to break out above 1.2920. In my opinion this scenario is not very
likely and we will see a continuation of the depreciation, but surprises are
not out of the question.
The pair is quite bearish, indeed.
ReplyDeleteGreat post! I fully agree with your view.
ReplyDeleteWill keep in mind your assessment.
ReplyDeleteInteresting read.
ReplyDeleteGood post!
ReplyDelete