USDCAD -- Can this resistance level hold?

PAIR IN FOCUS: USDCAD
ACTION: SHORT
HORIZON: SHORT TO MEDIUM-TERM

Price has nicely broken down from the trendline, reached TP 1 (previous analysis), retraced from it and is retesting the S/R level. Look out for bearish price action before any entry. With such a retrace, we can get a good R:R for this trade.

We could see the current S/R level as a strong resistance of which USDCAD may reject it and head lower. Remember to manage your risk!

Feel free to discuss and comment, Cheers!

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