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USDCAD: On The MOVE!


Monthly Time Frame: With the break of 1.33250 key quarterly psychological, price immediately magnetized to the next monthly area, 1.36500 key monthly psych. Now price is testing previous monthly resistance for the third time.

 


Weekly Time Frame: Scaling down we can see that USDCAD closed off a strong pinbar rejection candlestick (last week) after this closure price gapped to the monthly zone. Now we can see price creating a double top formation at this new monthly resistance.

 


Daily Time Frame: If price manages to close below this zone, we can anticipate pull backs to 1.35000. Although if price manages to break above this monthly closure with a strong break and close then, we can see new monthly areas to be reached 1.39750 key zone. Due to uncertainty of market fluidity, risk management is highly recommended.

 

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