USD/CAD: Navigating a Potential Downturn
Why is it Bearish?
Intraday Bias: Despite some bullish signals, the intraday bias for USD/CAD has shown signs of turning bearish. A break below the 1.3488 support level could trigger a more significant downside.
Support Levels: The risk will turn to the downside if the 1.3488 support doesn't hold, potentially leading to a test of the 55 D EMA (now at 1.3436).
Medium-term Outlook: While price actions from 1.3976 are viewed as a corrective pattern, a break below key support levels could signal a deeper correction, putting the bullish outlook in jeopardy.
EMA Support: If the 55 D EMA (now at 1.3436) doesn't hold, this could confirm a bearish outlook for the pair.
Intraday Bias: Despite some bullish signals, the intraday bias for USD/CAD has shown signs of turning bearish. A break below the 1.3488 support level could trigger a more significant downside.
Support Levels: The risk will turn to the downside if the 1.3488 support doesn't hold, potentially leading to a test of the 55 D EMA (now at 1.3436).
Medium-term Outlook: While price actions from 1.3976 are viewed as a corrective pattern, a break below key support levels could signal a deeper correction, putting the bullish outlook in jeopardy.
EMA Support: If the 55 D EMA (now at 1.3436) doesn't hold, this could confirm a bearish outlook for the pair.
Trade closed: target reached
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