The market is going to test the closest support at 1.4069 - 1.4027. If a pullback from these area happens little later on...
USD/CAD: Bears prepare traps
On the USD/CAD daily chart, target 113% of the Shark pattern has been fulfilled. This increases the risks of the rollback towards 23.6%, 50% and 61.8% of the CD wave in the course of transformation of the Shark pattern into 5-0. The correction can be used for opening short positions.
On the USD/CAD hourly chart, quotes are moving within the downward trading channel. The Bears remain their control over the pair. Breaks of resistances at 1.2935 and 1.3005 will lead to the development of correction.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.