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

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

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

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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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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