Bee
Short

Next Direction for USDCAD

FX:USDCAD   U.S. Dollar / Canadian Dollar
31 0 0
Direction: Likely to retest the new Weekly Pivot/ Support zone

Price continues to respect the ascending trendline . Going into the new week, a retest of the new Weekly Pivot (purple) looks increasingly likely as bulls are showing weakness: unable to make higher highs in the last few candles. Also, we would like to see an old resistance 1.2394 gets retested as support.

Alternatively, if this move fails to materialise, continue riding on the beleaguered bullish run on smaller position as long as trendline remains intact.
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