USD/CAD: interesting scenario. Massive drop pending?
As it can be clearly observed from the higher-timeframe charts, the price of USD/CAD is trading within the barriers of the massive ascending channel. Last week, the price attempted to break above the upper boundary of the channel, but failed to do so, leaving a huge wick spike to the upside.
Monitoring the LTF charts, we can notice that the price has printed some nice bearish candles and may potentially continue its bearish moves.
We are closely observing the situation and waiting for the price to visit the 1.304 area of resistance and give it a "last kiss" before we look forward to executing SELL positions and aiming for the lower boundary of the channel as portrayed on the graph.
Monitoring the LTF charts, we can notice that the price has printed some nice bearish candles and may potentially continue its bearish moves.
We are closely observing the situation and waiting for the price to visit the 1.304 area of resistance and give it a "last kiss" before we look forward to executing SELL positions and aiming for the lower boundary of the channel as portrayed on the graph.
