USD/CAD Bearish Order Block and POC Zone Should Motivate Fresh Sellers to Join the Trend

Nenad Kerkez Top-XE

The USD/CAD downtrend is still progressing. The price is looking for a retracement and the entry in the POC zone could motivate new sellers to join.

1.3230-50 is the POC zone. Look for possible bearish rejections in the zone. We can also see Daily historical levels and last week’s W H5 resistance. If the price continues with the downtrend, look for 1.3150 and 1.3136 as intraday targets. The ATR of the last five days is 80 pips, which is pretty good considering its summer time and general lack of momentum in Forex market last six months. The USD/CAD bulls have nothing to look for unless 1.3280 breaks to the upside.

USDCAD Current Trading Positions

Sell 33%

Buy 67%

Avg Sell Price 1.3241

Avg Buy Price 1.3253

Liquidity Distribution

The analysis has been done with the CAMMACD.MTF template.

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Author

Nenad Kerkez

Top-XE

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