💱USDCAD - The ascending triangle. Resistance retest
USDCAD makes a false breakout of the 1.3138 support and forms a pattern that is able to turn the market around and give us an upward momentum
TA on a high timeframe:
1) A false breakdown of support 1.3138 is formed, followed by price consolidation above the level
2) The liquidity area of interest to the market is above 1.32300, which is where the price is apparently aiming for
TA on a low timeframe:
1) An ascending triangle is formed
2) The level of 1.32279 is in the role of resistance, which holds back the market
3) A resistance retest is formed, from this time the price may not break the line, but the next one may form a potential that will break this line.
Key Support📉: 1.3166
Key resistance📈: 1.3228
TA on a high timeframe:
1) A false breakdown of support 1.3138 is formed, followed by price consolidation above the level
2) The liquidity area of interest to the market is above 1.32300, which is where the price is apparently aiming for
TA on a low timeframe:
1) An ascending triangle is formed
2) The level of 1.32279 is in the role of resistance, which holds back the market
3) A resistance retest is formed, from this time the price may not break the line, but the next one may form a potential that will break this line.
Key Support📉: 1.3166
Key resistance📈: 1.3228
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