Expecting bearish reversal in USDCAD

USDCAD has stopped its rise from 1.30 at the resistance of 1.33. In the Daily chart we observe many candlesticks with long upper tails, implying strong resistance and that sellers are stronger here than bulls. This is expected to lead to a reversal in USDCAD back towards 1.32 at least.

Red arrows – weakness candlesticks with long upper tails

Black line- short-term resistance

Blue line- major support trend line

Red line -major resistance

USDCAD is expected to turn lower from current levels. At 1.33 I’m bearish looking for a push lower towards 1.32 at least. The risk reward favors bears at the current price as price is very close to major resistance that has been confirmed many times. The black trend line resistance has not been broken. I expect to see it stay like this for the coming week. This coming week I expect USDCAD to weaken.

The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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