Resistance Level Reactivation Detected
Housing Starts and Manufacturing Shipments will be released in Canada and for sure will manipulate Canadian Dollar. With a quick analyze of the chart we can predict the next possible move of the price. Here is a short review of what has happened to USD/CAD in past few days.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
This pattern is often interpreted as a strong bearish signal, indicating a potential trend reversal. If the price confirms this pattern by breaking below the neckline, it could trigger a major bearish wave in the USDCAD pair. Traders and investors should exercise caution and closely monitor the price action for confirmation of the double top pattern. If the neckline is breached, it could serve as a strong indication that the bullish momentum has weakened, and a bearish trend may follow. It would be prudent to consider adjusting trading strategies or implementing risk management techniques to capitalize on potential downward movements in the USDCAD pair. However, it is essential to remain vigilant and take into account other technical indicators and fundamental factors that may impact the currency pair’s future performance.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.