The USDCAD price pattern has been on a long term bearish trend. We saw the pair retrace bullish before price found resistance at level 1.23560. It is at this level we see the pair break and continue its bearish trend. In the chart you may notice how the pair also found support and resistance at level 1.21873.However price now trades below the new resistance and support price level. We analyst the pair previous and Here is a link for our previous analysis in which we predicted a bearish movement. https://fxsits.com/the-usdcad-price-pattern-signals-for-bearish-movement/ .
At the time of this writing the pair trades below resistance level 1.21873 and above price support level 1.20762. The USDCAD price pattern is currently ranging within those levels. If price retraces bullish ,and manages to break past resistance level 1.21873. Possibilities are we may see price move back to resistance level 1.23560. However, if price breaks, continues to move bearish and manages to break past the support price level 1.20243. Then we could see price form its new 2021 lower low.
Attached are both the daily and H4 price chart time frame for proper understanding and reading .We at FXsits still hold a strong bearish belief for of the pair in the up coming market session and weeks as well as months. We shall be updating on price formation and performance of the said pair.
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