USDCAD Strong sell following today's rejection.

USDCAD is neutral on its 1D technical outlook (RSI = 50.081, MACD = 0.001, ADX = 32.778) as it formed a Lower High yesterday and today got sold aggressively. This is a Channel Down since the April 16th High, which having broken under the 1D MA50, has confirmed the continuation of the bearish price action. We expect the 1D RSI to at least hit the 30.000 level, as every rejection on the R1 Zone, saw the pair reach at least the 0.618 Fibonacci level. We are bearish, aiming at that level (TP = 1.34350).

See how our prior idea has worked out:


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