USD/CAD squeezed in downtrend channel

Nenad Kerkez Top-XE

In the expectation of the FED hike the USD/CAD is getting squeezed within the downtrend – bearish channel with clear tops and bottoms. Any analysis of this kind is valid before FED decision tomorrow and we should see high volatility in this pair once FED decision and statement is released. POC zone for short trades comes within 1.3150-60 ( H4, equidistant channel top, 61.8) and the rejections should target 1.3310 and 1.3050. Additionally, pay attention to 1h close below 1.3100 for a breakout towards 1.3070-50. Any break and close above 1.3175 would invalidate this bearish scenario.

Author

Nenad Kerkez

Top-XE

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