Dear traders, bolstered by the increased demand for US Dollars, USD/CAD has been in a strong rally for the past two weeks. However, a bearish candlestick has appeared in the 4Hour chart, and that too in the supply zone which makes it quite significant.
If the bulls fail at this level, then we can see a strong decline in price towards 1.2750. So, I will be looking for bearish candlesticks in the resistance area and sell entry will be taken between 1.3040-1.3080 with SL above resistance and TP as indicated in the chart.