Bearish mood for USDCAD for this week is what we expect

The pair continued it's bearish mood during last week, similar to the last days of the week before that. The pair now as it seems from the chart is in a freefall, so we will be looking to take positions in accordance with this assumption. Since the price broke last week the M_PP levels at 1.31252, we will be looking for a test of this area then enter short position and try to ride the price down to 1.28 levels.

Comment:

Price action on the USDCAD pair this week was bearish until now as we expected this to be the main theme for this week, but it did not meet our expected criteria to trigger our short position, which was a retest from below the M_PP. We will be expecting this condition to fulfill on the remaining part of the week, otherwise we will stay flat on the pair until further analysis on Sunday.

Comment:

The pair continued its bearish movement this week as expected but it did not meet our position taking criteria so we will be out of the market for the pair for the rest of the week.