I see a potential down leg on USD/CAD to touch the 1.33800 key level. The weekly chart, for me, seems very bearish with the bullish trend becoming very choppy.
On the 4 hour chart above I can see a double top forming with price reacting of this level and crossing below the 50ema on both the 4 hourly and hourly chart. On the daily price has formed a strong bearish engulfing candle.
I will watch this pair from market open tonight, a break and close below the previous higher low (highlighted) would further confirm this trade as we would witness a break in current bullish structure.
Comments
NickLindleyFx
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This pair fell before retracing and placing a triple top on the short term resistance area, it rejected this area once again and looks like it could fall to my previous target. However the daily bullish engulfing is something to keep an eye on!