Title
USDCAD H4 | Bearish Momentum
Type
Bearish Continuation
Preference:
The price is currently below the pivot level at 1.4369, indicating bearish momentum. A continuation of this trend could lead the price to fall toward the 1st support at 1.4311, a strong overlap support zone.
Alternative Scenario:
If the price breaks above the pivot level, it may rise towards the 1st resistance at 1.4456, a significant swing-high resistance zone.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.