Hello Traders!
Our overall sentiment for the USDCAD has been bearish, as the pair witnessed an impulsive movement to the downside this past couple of days. The question now "Do we expect a continuation or Are we at a point of reversal?"
If you study the chart I have marked up, you would notice the price had an obstruction moving higher when it hit 1.36700. We wait to see if price react to the green shaded area again, and continue a short term move to the upside.
However, below the 1.3500 lies liquidity for pending sell stop orders, and bears ready to continue to move the price lower.
Also, check my analysis on DXY for further insight on when to sell this pair.
Happy Trading
Our overall sentiment for the USDCAD has been bearish, as the pair witnessed an impulsive movement to the downside this past couple of days. The question now "Do we expect a continuation or Are we at a point of reversal?"
If you study the chart I have marked up, you would notice the price had an obstruction moving higher when it hit 1.36700. We wait to see if price react to the green shaded area again, and continue a short term move to the upside.
However, below the 1.3500 lies liquidity for pending sell stop orders, and bears ready to continue to move the price lower.
Also, check my analysis on DXY for further insight on when to sell this pair.
Happy Trading