Good afternoon traders, today we bring you our daily chart analysis of the USD/CAD pair, as we believe that it is preparing for a big push in the bullish direction.
🔸First of all, it should be noted that the trend is bearish. We can see this with the trend lines that form the channel, as they are perfectly respected.
🔸Last week the price faced a strong support zone, which it could not penetrate and bounced from there.
🔸Right now, it is against the Descendint Trendline.
🔸It is still not safe to say anything in relation to the future behavior of this pair, but we are paying atention in case there is a bullish breakout.
🔸In case that happens, the minimum movement that we expect in this direction is approximately 250 pips, towards the resistance zone.
🔸First of all, it should be noted that the trend is bearish. We can see this with the trend lines that form the channel, as they are perfectly respected.
🔸Last week the price faced a strong support zone, which it could not penetrate and bounced from there.
🔸Right now, it is against the Descendint Trendline.
🔸It is still not safe to say anything in relation to the future behavior of this pair, but we are paying atention in case there is a bullish breakout.
🔸In case that happens, the minimum movement that we expect in this direction is approximately 250 pips, towards the resistance zone.