USDCAD ! Traps on the chart. Support retest. Falling🙈

11 Ağu 2022

USDCAD continues to trade in a downtrend. Earlier, the price tried to break the price channel, but after shaking up, the quote returned back to the downward channel.

There are two identical and logical situations on the chart. A strong impulse from the upper boundary of the channel, which updates the local tops and activates stop orders, orders, limit orders, etc., and after the liquidity is taken, the price goes down again. last week this situation repeated itself.

I assume since there were false upside breakdowns and the price did not form a set-up that would confirm the change in trend to upside, so we may see a fall. I think the price may break the support of 1.2762 and fall. The short-term target is the support area of 1.2682

Regards to R. Linda!