What to Expect on USD/CAD - Top/Down Explanation
Good morning traders, today we bring you our analysis on the daily chart and 4H in the USD/CAD pair, since we consider that it is in an interesting area and it is worth giving a little attention.
🔸As we can see, the trend has been clearly bearish for several months.
🔸During the last weeks, we witnessed a corrective process (retracement), and at this moment the price is against the Descending Trendline.
🔸We believe that it is possible that we will see a continuation of the trend from here, as long as there is no breakout to the upside.
🔸Obviously, a trendline is not enough to generate a firm conclusion, so we decreased the timeframe to 4H to be able to analyze the structures.
🔸A sure point of confirmation of the continuation is to wait for a break to the downside of the trendline of the corrective structure. If this happens, chances are high that the bearish scenario will develop.
🔸As we can see, the trend has been clearly bearish for several months.
🔸During the last weeks, we witnessed a corrective process (retracement), and at this moment the price is against the Descending Trendline.
🔸We believe that it is possible that we will see a continuation of the trend from here, as long as there is no breakout to the upside.
🔸Obviously, a trendline is not enough to generate a firm conclusion, so we decreased the timeframe to 4H to be able to analyze the structures.
🔸A sure point of confirmation of the continuation is to wait for a break to the downside of the trendline of the corrective structure. If this happens, chances are high that the bearish scenario will develop.
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