USDCAD is currently testing a strong horizontal daily resistance level. Once it reached this level, the price began to consolidate in a tight horizontal range on the 1-hour timeframe.
To consider a short position with confirmation, it is recommended to wait for a breakout below the support of the range. A close below this level on an hourly candle will confirm the breach, with a bearish continuation expected towards the 1.3636 level.
If the price establishes a new higher high, the setup will no longer be valid.
To consider a short position with confirmation, it is recommended to wait for a breakout below the support of the range. A close below this level on an hourly candle will confirm the breach, with a bearish continuation expected towards the 1.3636 level.
If the price establishes a new higher high, the setup will no longer be valid.
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