USDCAD: Is this TRIPLE BOTTOM reversing the MARKET?
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🟢Forex Pair:
USD/CAD
⚪Technical Analysis:
Since December 2020, the price has been consolidating, moving with a side trend between the two S/R levels at about 1.28700 and 1.26700.
During that range of period, the price attempted many times a bearish movement, creating a possible triple bottom pattern.
It is currently moving with a strong bullish impulse, reaching twice the main resistance zone.
The next price action around that zone will be essential to understand the next market movement.
🔴Conclusion:
In the daily time frame, since March 2020 the price has been following a strong downtrend, ending with a triple rejections on the support zone at about 1.26200.
I'm confident to see the price starting a new trend and I'll be waiting for the breakout of the main resistance zone before planning my long position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
USD/CAD
⚪Technical Analysis:
Since December 2020, the price has been consolidating, moving with a side trend between the two S/R levels at about 1.28700 and 1.26700.
During that range of period, the price attempted many times a bearish movement, creating a possible triple bottom pattern.
It is currently moving with a strong bullish impulse, reaching twice the main resistance zone.
The next price action around that zone will be essential to understand the next market movement.
🔴Conclusion:
In the daily time frame, since March 2020 the price has been following a strong downtrend, ending with a triple rejections on the support zone at about 1.26200.
I'm confident to see the price starting a new trend and I'll be waiting for the breakout of the main resistance zone before planning my long position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
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