Here’s 👇 an UPDATE on the Daily & 4HR chart time-frame of the #USDCAD.
The last time I discussed about this currency pairs was on the 6th April 2020. Then I discussed how price carved a potential bearish channel right from the highest swing @key-level resistance 1.46478 of mid march 2020 on the 4hr chart.
Right since then I have been patiently monitoring this currency like a hunter awaiting its prey, of course that’s our obligation as a trader in this market of speculation.
After series of price actions, our key-level was modified to the current state of price action whereby our key-level resistance structure now lies @1.40608. Price did ensured a daily close above this key-level structure @1.40608 with a strong bullish candle which has a little bearish pressure.
Having a close watch on the #USDCAD on the 4hour chart, we can figure out a bullish Marubozu candle formation which was followed by a double rejection bars @1.40608 key-level. This rejection is now indicating a possibility of new key-level support and the second bar carved a bullish pin-bar.
Although all this well defined analysis is not a guarantee the bulls may eventually pull price to retest next key-level resistance @1.46650. Take note a bearish close below key-level @1.40608 may lead to a false upward breakout.
With this nice technical setups on this currency pair, I do favor a bullish rally.
Take note: The overall trend of #USDCAD is in a long-term bullish trend.
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