USDCAD Possible Bearish Opportunity Forming At The Moment

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USDCAD Possible Bearish Opportunity Forming At The Moment

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Hi Traders! USDCAD possible bearish opportunity forming at the moment. A detailed analysis of this sell setup is as follows:

USDCAD H1 Chart:

On the H1 chart the price is moving inside a bearish channel, this channel is formed by the highs and lows reaching parallel resistance and support zones. The price is respecting these two zones so far and is currently near the middle of this channel. If the price move higher, breaks above the top of this channel and reaches the possible sell zone shown in the screenshot, we may then start looking for sells with bearish evidences.

USDCAD Possible Bearish Opportunity Forming At The Moment

Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.

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Regards,

Yordan Kuzmanov
Chief Trader at Traders Academy Club

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