USD/CAD Potential Rejection at W L3

2 min read
Nenad Kerkez

Nenad Kerkez

Head of Trading

Hi traders,

The USD/CAD downtrend is still intact. At this point we might see some buying before another rejection at W L3.

Confluence at W L3 and M L3 pivot point 1.2960-70 might reject the price after a retracement. We can see an ascending trend line that has been broken and retested and the price is bearish. M L4 triple bottom needs to be broken in order for the price to drop below. The target is 1.2807, weekly L5 pivot.

Good trading,
Chris Svorcik
Elite CurrenSea

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