Recently, the USD/CAD pair has been trading downwards. The price tested the level of $1.3053. According to the H1 time – frame, I found head and shoulders pattern in the background and a broken neckline, which is a sign that buying looks risky. I also found a downward regression channel, which is another sign that sellers are in control. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.3020 and at the price of 1.2975.
Resistance levels:
R1: 1.3135
R2: 1.3210
R3: 1.3252
Support levels:
S1: 1.3020
S2: 1.2975
S3: 1.2900
Trading recommendations for today: watch for potential selling opportunities.
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