USDCAD – CT Impulsive Move Followed By Corrective Pullback
|Price Action Context
The LT resistance area around 1.36 we mentioned to our members in one of our December market commentaries held and produced a very strong bearish reaction, taking the pair 400+ pips lower within only 2 weeks. This CT impulsive move broke through a LT support zone and previous breakout area and was followed by a horizontal correction which now has transitioned into a CT corrective move pulling back towards the LT S/R zone which now should act as resistance.
Trending Analysis
Bias changed to neutral and this corrective pullback, unless buying accelerates significantly, can present potential shorting opportunities to bears.
Key Support & Resistance Zones
R: 1.3350 – 1.3450
S: 1.2880 – 1.3000
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