USD/CAD Bearish U-Turn Shaping Up

2 min read
tarantula fx

tarantula fx

Head of Trading

Hi traders,

The USD/CAD has made a breakout below the ascending trendline, so at this point we might see a start of a bearish U-turn.

1.3145 zone could be a good spot to sell the price provided that 1.3180 holds. If the price rejects from the zone, we might see 1.3114 and 1.3064. Only a break below 1.3060 will lead to a deeper bearish move towards 1.2980, which could be unlikely at this point. But if the price manages to stay below 1.3180 and reject from the zone, bears will have a full control.

Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

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