• Sept 12, 2024
  • Trade ideas

USDCAD: Bearish Flag

USDCAD, Daily

USDCADDaily.png

In the Daily timeframe, USDCAD corrected a bit after a sharp fall and formed a bearish flag pattern. The price bounced off the critical resistance, approaching the lower boundary. William's %R is out of the oversold zone, which may signal the beginning of the decline.

  • USDCAD sell may be considered if the lower boundary is broken below 1.3540 with a downside target of 1.3440;
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Author: Egor Schmidt