Hey traders,
If there is one setup I may invest my time trading this Wednesday, it will be the USD/CAD. Just so that you get the entire picture, I will do a top down analysis to buttress my reasons.
1. USD/CAD (Daily time frame)
The daily time frame shows that price is about breaking the key support zone. Meaning we may have to wait for the close of the daily candlestick in order to get a bearish confirmation. Let’s check out the 4- hour time frame.
2. USD/CAD (4- hour time frame)
On the 4-hour time frame we can see a failed bullish engulfing candlestick, which encouraged sellers to break the key support zone of the descending channel.
The last form of resistance on this setup is the 200 ma. We may see a minor pullback due to the 200 ma before the bears take over and force price to the NPSL.
What say you?
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