Expecting a 400 pips drop on USD/CAD
Good morning traders! Today we want to share our bearish analysis in USD/CAD.
🔸It is crystal clear that the trend is Bearish since the bounce in the Weekly Resistance zone and the break of the trendline.
🔸The price did not generate any reversal in the Support Zones, penetrating them all to the downside.
🔸Due to this behavior and the strength of the movement, we consider that the price still has a journey of approximately 400-500 pips in the bearish direction.
🔸The next level where we believe there may be a reaction is in the Support Zone at 1.22500.
🔸Of course, in the short term we can see corrections in a shorter period, since a small retracement would be healthy for the trend, but the main trend would remain intact.
🔸It is crystal clear that the trend is Bearish since the bounce in the Weekly Resistance zone and the break of the trendline.
🔸The price did not generate any reversal in the Support Zones, penetrating them all to the downside.
🔸Due to this behavior and the strength of the movement, we consider that the price still has a journey of approximately 400-500 pips in the bearish direction.
🔸The next level where we believe there may be a reaction is in the Support Zone at 1.22500.
🔸Of course, in the short term we can see corrections in a shorter period, since a small retracement would be healthy for the trend, but the main trend would remain intact.
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