USDCAD Technical Analysis
Anticipating a Retest and Potential Upward Continuation"
USDCAD has shown a strong up impulse followed by a correction, then another up impulse breaking the correction trend line, here's what can be expected:Retest of the Broken Trend Line: After breaking a trend line, it's common for the price to retrace back to test the broken trend line from above. This retest acts as a confirmation of the breakout.Potential for Another Up Move: If the retest is successful and the price finds support at the broken trend line, it is likely to resume its upward movement. This would indicate that the bullish momentum is still intact and that there could be further gains.Key Points to MonitorSupport at the Retest Level: Watch for how the price behaves at the retest level. If it forms bullish reversal patterns (e.g., bullish engulfing, hammer), it can be a strong signal for the continuation of the uptrend.
USDCAD has shown a strong up impulse followed by a correction, then another up impulse breaking the correction trend line, here's what can be expected:Retest of the Broken Trend Line: After breaking a trend line, it's common for the price to retrace back to test the broken trend line from above. This retest acts as a confirmation of the breakout.Potential for Another Up Move: If the retest is successful and the price finds support at the broken trend line, it is likely to resume its upward movement. This would indicate that the bullish momentum is still intact and that there could be further gains.Key Points to MonitorSupport at the Retest Level: Watch for how the price behaves at the retest level. If it forms bullish reversal patterns (e.g., bullish engulfing, hammer), it can be a strong signal for the continuation of the uptrend.
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