USD/CAD Dropping as Bearish Pressure Gets Stronger

1 min read
tarantula fx

tarantula fx

Head of Trading

Dear traders,

The USD/CAD looks bearish. Bearish candlesticks show stronger bodies than bullish and we can also see a sort of H&S pattern on h1 timeframe.

There are 2 scenarios. If the market makes a retracement to the POC zone 1.2711-23, we should see new and fresh selling pressure. Continuation of selling pressure happens at the trend line and the camarilla pivot breaks below 1.2637. Targets are 1.2617 followed by 1.2600 and 1.2583. So far, selling on rallies could be the best option for intraday traders.

The Analysis has been done with the Black Widow system.

Good trading,
Nenad Kerkez

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