USD/CAD BEARS Could be in control

FX:USDCAD   U.S. Dollar / Canadian Dollar

Potential further downside continuation based on the 'trend continuation startegy, which also couples up & coincides with our Bearish analysis based on our trend-following strategy.

Our current analysis based on 'trend-continuatuion' shows price currently ranging within an intra-day pattern. There are two potential scenarios here that we will be looking for, either a bullish break impulse move to test the horizontal support level and cluster EMA zone before further selling pressure. Alternatively, if the chart pattern plays out, we expect a downside break to test the horizontal support level .

We must factor in the 'high impact' economic news later this week from the US, which will affect the US Dollar - FOMC and Non-farm payrolls.


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