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USDCAD I see a retest of the resistance level

September 23, 2022 by Dominic Walsh Leave a Comment

On the chart, from a technical perspective, we see a retest of the resistance level that was last tested in September 2020. Within the distributive movement after the breakdown of the ascending channel and the momentum of 3.5% we see the formation of a false breakdown and the consolidation of the price under the resistance zone .

I assume that before the news release the price will be able to form a pullback towards the channel support, after which the growth can continue, as the price has not yet reached the global objectives, in terms of technical analysis . The short-term target for the pullback is the channel support zone .

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