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USDCAD looks to be forming bearish price action off key resistance showing a potential for the price to move lower. But what do we need to see in order to look for short opportunities?

Watch the video to learn more…

USD/CAD Daily Timeframe

USDCAD Daily Timeframe

The Daily timeframe on USD/CAD shows the price forming a bearish reversal candlestick at a key resistance zone.

The USD has been weakening according to the strength meter which could offer us some opportunities on reversals.

The USD Index is also at a key resistance zone adding confluence to a potential reversal opportunity.

USD/CAD 4hr Timeframe

USDCAD 4hr timeframe

What we need to see on the 4hr timeframe to look for short opportunities is the price to form a new lower low.

If the market breaks these lows and completes the change of trend pattern we can look for a retest for shorting opportunities.

USD/CAD 15min Timeframe

USDCAD 15 min timeframe

If the 4hr timeframe is in a downtrend and in a retracement phase we should see an uptrend on the 15 minute timeframe.

When the uptrend on the 15 minute timeframe changes to a downtrend with the market forming a lower low and lower high we can look for short trading opportunities.

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