The5%ers Blog

Will Three Weeks of Ranging for USD/CAD Soon End, by Breaking the Support?

wait for breakout usdcad 22-5

The USD/CAD price just moved into the support zone.

This is the third time that the price is touching this support.

As much as the price is doing so after so many times, this support is becoming riskier to trade on. Therefore, it’s safer to wait for the price to break out the support. If that happens, it indicates that the price on the way to the next critical level which is the demand below.

It’s now the time to look for a price action setup, for the sell position.

Something like a new fresh supply. The target for the sell position will be the demand below which is also a great level for the buy position.

This analysis is relevant for swing Forex traders.

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