USDCAD - Let's Short Towards Support :)
Hi Traders!
The market was moving up until the resistance at 1.33300 and then it started ranging.
The support of the range area is at 1.32650.
Then the market starts to make lower highs and higher lows as it loses its momentum.
Now the market is at the 4H Trendline and the H1 lower Wedgeline too,
but the next strong Resistance is too near and that's why we have less chances to go up.
That's why we think the market will break down lower until the support.
We recommend to sell the breakout with a risk-to-reward ratio of 1 to 2.
Thanks and good luck :)!
The market was moving up until the resistance at 1.33300 and then it started ranging.
The support of the range area is at 1.32650.
Then the market starts to make lower highs and higher lows as it loses its momentum.
Now the market is at the 4H Trendline and the H1 lower Wedgeline too,
but the next strong Resistance is too near and that's why we have less chances to go up.
That's why we think the market will break down lower until the support.
We recommend to sell the breakout with a risk-to-reward ratio of 1 to 2.
Thanks and good luck :)!