USD/CAD came to retest the newly formed resistance

FX:USDCAD   U.S. Dollar / Canadian Dollar
USD/CAD has developed a nice bearish momentum after breaking the 4h timeframe trendline (around 1.30000). We are also in a descending channel on daily timeframe so the overall bias on the Loonie is bearish . The price has made a huge drop all the way to the 1.2920 area where it has found support. With the move to the downside yestersterday we have also broken the support that was set in the 1.2955 area and the price has now came to retest it. This sell zone has confluence with 50.0% fib retracement from the move yesterday and also a bearish flag / wedge pattern. Happy trading everyone!


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