🍁 USD/CAD Correction Before Fall? 🍁

12 בינו׳ 2023

🍁 USD/CAD Correction Before Fall?

🍁 Nearest strong support zone: around the 0.786 level of the upward wave.

🍁 Nearest strong resistance zone: the 0.618 level of the upward wave.

🍁 Technical environment:

- Moving averages: Downtrend

- MACD: Uptrend

- RSI: Uptrend (Divergence).

- Supertrend: Downtrend

🍁 Price action: USD/CAD It has reached a key point on the chart we have again attacked the levels of 1.336 where we landed after the last downward wave, looking at the medium-term pro-growth bias of the dollar and the long-term uptrend on the Canadian dollar, I expect a retest of the area around the 0.618 level of the upward wave before continuing the decline.

🍁 The scenario I'm playing out is to execute an upward correction before continuing the declines. I don't exclude the possibility of changing the scenario if the market situation changes abruptly. I'm aware of the possibility of a correction at any time, this should be taken into account, If the outlook changes I will publish a post with an update, so I encourage you to actively follow the profile and read the description carefully.

🍁 Please do not suggest the path I have outlined with lines it is only a hypothetical scenario.

🚀 If you appreciate my work and effort put into this post then I encourage you to leave a like and give a follow on my profile. 🚀