Good morning traders, today we bring you our mid-long-term analysis in the USD/CAD pair, since we consider that there may be a very good buying opportunity.
🔸To carry out this analysis, we will start from a Support zone that we can see in the Weekly chart.
🔸We see that the price is making a bounce there, so we reduce the timeframe a bit towards the daily chart, and we see that the price is on the edge of the bearish channel.
🔸What we are waiting for here is a clear break to the upside to confirm the direction.
🔸In case this happens, we consider that an upward movement (correcting the main trend) towards the next Resistance zone is highly probable.
🔸To carry out this analysis, we will start from a Support zone that we can see in the Weekly chart.
🔸We see that the price is making a bounce there, so we reduce the timeframe a bit towards the daily chart, and we see that the price is on the edge of the bearish channel.
🔸What we are waiting for here is a clear break to the upside to confirm the direction.
🔸In case this happens, we consider that an upward movement (correcting the main trend) towards the next Resistance zone is highly probable.