USD/CAD rose significantly after the enormous decline this year. Expecting the upside to continue.
USD/CAD is at a support at 1.2545. I think that
the bullish inverted hammer bar it has formed on the D1 time frame is a
good signal for a rebound from that level.
Good gains the previous week, lost of them this week. I have the feeling it's not the end of the depreciation.
Price remains close to key support around the the 1.24 handle, we may see some sideway trading since upwards or downwards movement seem limited.
What the pair gained in the beginning of the week it gave away in the end. But good to buy in again i think.
Bearish trend remains, the pair is consolidating losses on the downside. Further consolidation would increase if break below support zone around 1.2330/40.
The pair broke out below 1.2330 and kept depreciating. The trend is so
bearish that I wouldn't be surprised if it reaches 1.2000 without much
of a correction on the way down.
A new bottom in sight. Expecting more downside.