​🇨🇦#CADCHF #CPI #Inflation

🔥CADCHF outlook ahead of the Canada CPI release!

The price is currently breaking through the resistance block around the 0.7350 level.

👆First scenario (most likely to happen): Lower-than-expected CPI numbers might boost the pair towards 0.7380.

If the actual CPI is lower than -0.3%, the pair might easily reach the second resistance block at around 0.7415.

✌️Second scenario (less likely to happen): Higher-than-expected CPI will most likely return the price to the 0.7300 support block. This support zone matches with the global ascending trendline on the W1 timeframe. That's why we highly doubt a breakout will happen. Therefore, in this case, we suggest looking for a buying opportunity around 0.7300.

General information: The price is moving in the descending channel on the daily timeframe. Moreover, on the weekly timeframe, the 0.7300 support zone locates right at the global support trendline. Overall, the price is currently forming a bottom. That's why opening BUY trades should be less risky.
When the price breaks through the third resistance block and closes above the descending trendline, the downtrend will be over.

🟩START TRADING🟩

​🇨🇦🇨🇭#CADCHF

👇CADCHF broke below the trendline on the D1 timeframe, and it looks like it won't stop here.

In the middle term, we expect the pair to decline towards the 0.7120 - 0.7170 support range, where buyers will join the game and reverse the price.

❗️Consider following the downtrend by selling the pair on the breakout of the recent low.

💚START TRADING 💚

​​#CADCHF

📍 Short-term analysis

📈 The pair is about to move closer to the resistance trendline. It will be the fifth touch of the line, so we expect a breakout to happen. In this case, the price will move to the supply zone (yellow), and you can open a By trade with targets at 0.7075 and 0.7100.

⚠️ On the contrary, if the breakout doesn't happen, CADCHF will move lower to 0.7000, a round number.

💭 What do you think, Buy or Sell?
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