USD/CAD - Is previous ranges support, now resistance?...
- USD/CAD has been retracing some of its losses today after its breakdown out of the range it was stuck in
- This range had a clearly defined upper and lower boundary acting as support and resistance
- The pair may be finding resistance around the old support region defined in this range
- We can see this as multiple pin bars have formed in this area but not PRECISELY at the previous support level
- This could mean a possible slight move higher to touch this level before the drop
- OR we could see the drop near term, due to previously mentioned pin bars.
THIS IS NOT TRADE ADVICE NOR A TRADE CALL
- This range had a clearly defined upper and lower boundary acting as support and resistance
- The pair may be finding resistance around the old support region defined in this range
- We can see this as multiple pin bars have formed in this area but not PRECISELY at the previous support level
- This could mean a possible slight move higher to touch this level before the drop
- OR we could see the drop near term, due to previously mentioned pin bars.
THIS IS NOT TRADE ADVICE NOR A TRADE CALL
- Two pin-bars at this level further confirm it
- Price would now need to break the recent low @ ~ 1.3128 to solidify a bearish move