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⋅ Hello and welcome to my Trade Idea of the currency pair USD/CAD .
Lets start with the Top Down Analysis.
Monthly: We see on the monthly timeframe a bearish trend with strong bearish candles.
Weekly: The weekly timeframe is very bearish too.
Daily: At the upper trendline a bearish engulfing candlestick formation occurs.
H4: On the h4 timeframe we see a counter trendline breakout and a close under the fibonacci level as well a close under the weekly resistance.
Have a nice day.