USD/CAD: a breakaway gap

USD/CAD: a breakaway gap

2019-11-11 • Updated

Trade idea

SELL 1.3160; TP1.3105; TP2 1.3070; SL 1.3180

USD/CAD formed a lower high on W1. Moving averages are almost horizontal and the bullish momentum has declined. The pair can visit lower levels.

USDCADDaily.png

On D1, there’s a breakaway gap. The pair closed below the trendline support line on Monday. MACD is declining. Next Fibonacci at 1.3140 is in focus ahead of the 50-day MA at 1.3105. The rising 200-period MA at 1.3165 is still supporting the price on H4. A break below it will trigger the further decline.

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