Key Levels in Play – Watch for Explosive Move

12 авг.

Technical Analysis of USDCAD chart

1. Market Structure Shift

Price has transitioned from a downward trendline to an upward trendline, signaling a shift from bearish to bullish sentiment. This structural change indicates that buyers are gaining control of the market.

2. Key Demand Zone Driving the Rally

The 1.3570-1.3620 demand zone acted as a strong base for the recent bullish move. This area represents where buyers aggressively stepped in, triggering a sustained rally toward higher levels.

3. Current Support Level Holding Firm

After rejecting the resistance area, price is consolidating above the support level around 1.3750-1.3780. Holding this level is crucial for the continuation of the uptrend.

4. Resistance and Breakout Potential

The 1.3850-1.3900 resistance area is the immediate hurdle for bulls. A breakout and close above this zone would likely attract further buying pressure, targeting the 1.4000 supply zone.

5. Bullish Continuation Outlook

As long as the support level remains intact, the technical bias is bullish. Pullbacks into support may provide buying opportunities, with upside targets toward 1.3900 and potentially 1.4000. A break below support would be the first sign of possible trend weakness.

If this helpful for you, press the like button.

13 авг.

Сделка активна

14 авг.

Заметка

hold your trades,

20 авг.

Заметка

100 pips+ achieved , set BE

21 авг.

Сделка закрыта: достигнута тейк-профит цена