Possible Reversal Setup on USDCAD
On UsdCad, we could be seeing a potential reversal forming. Price has been in a steady downtrend for quite some time now, but it may seem like we're losing some bearish steam. If we look on the monthly timeframe, we could identify a clear support level that price is sitting at right now. This is a major factor that identifies price may reverse at this point.
Looking at the 4H timeframe, we could see that price is having difficulty breaking the current support level to continue bearish structure. This could identify that sellers cannot take over and buyers could come into play soon. I've identified a significant resistance level that could be useful in the future. If price manages to break this resistance level, I'll be looking for more uptrend structure before trying to capitalize on the bullish reversal. For now, just patience.
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