USD/CAD technical analysis

  • USD/CAD is in strong downtrend.

  • The price is at support.

  • Selling the rallies is possible.

  • Breakout lower below W L3 pivot.

H4 chart EUR/CAD

USDCAD

  1. Highest Point of the Swing.

  2. Order Block Breakout.

  3. W L3 Support.

  4. Breakout Target.

The price is in a downtrend. We should see a move down after either a rally or a breakout. Breakout should happen below W L3 1.2315 while a rally might come to 1.2355. Selling should continue towards blue level zones 1.2266-1.2182. Shorts at the M L3 level were spot on and they are playing good as the sellers pushed the price below the important monthly pivot. You can see the sell position in the chart. Have in mind that CAD correlates to OIL too so manage your positions wisely.

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