New lower low on the cards??

Short

U.S. Dollar / Canadian Dollar (FX:USDCAD)

Updated

FX:USDCAD U.S. Dollar / Canadian Dollar

Trend Analysis Chart Patterns Wave Analysis USDCAD DJ FXCM Index caddollar Supply Zone downtrend lowerlow

trendanalysis chartpattern waveanalysis usdcad usdollar caddollar supplyzone downtrend lowerlow

As you can see price is in an overall downtrend on the Weekly/Daily time frame. Price rejected resistance multiple times, failing to break higher. This is a good indication that price may head lower to create a new lower low or at least retest its last daily low. Something to think about here, downtrend line still holding strong..

Comment:

snapshot

Comment:

breakout.. downtrend invalid.

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