USDCAD – CT Impulsive Move Followed By Corrective Pullback

Chris Capre 2ndskiesforex

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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Author

Chris Capre

2ndskiesforex

Chris Capre is a professional forex trader and mentor specialized in Price Action trading, and the Ichimoku Cloud.

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