Will USD/CAD keep falling?

Will USD/CAD keep falling?

Trade idea

SELL 1.3240; TP1 1.3200; TP2 1.3115; SL 1.3255

On W1, USD/CAD formed last week a bearish candlestick with the long upper wick. This is a sign that traders are eager to sell the USD on its attempts to recover. On D1, the pair formed a bearish flag and then corrected up to the previous support and now resistance provided by this pattern. Yesterday the recovery slowed down ahead of the resistance line connecting January highs. The daily Awesome Oscillator is declining. USD/CAD is will likely resume its decline moving towards the lower border of the weekly rising channel targeting the 100-day MA at 1.3200 and probably even the 200-day MA at 1.3115.

USDCAD.png

Similar

XAU/USD: an attempt to recover

After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

EUR/CHF looks ill

This week EUR/CHF broke below the 100- and 50-day MAs at 1.0966 and 1.0954 respectively.

Latest news

XAU/USD: an attempt to recover

After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

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