Apart from today’s FOMC member’s speech, there aren’t any top tier data coming from either side. I am a bear on this pair and will be looking for selling opportunities as follows.
UsdCad Daily Chart
Price opened at support at the beginning of the month between the monthly pivot and MM2 @ 1.30284. This was after it broke the downside of an upward channel it was travelling within the last couple of months. After having retested the trend line as resistance, price is now at support, even though the daily stochastic is oversold, a break through the psych level of 1.3000 is imminent.
UsdCad H4 Chart
This pair has been trading through a descending triangle since last week. It opened at 1.30262 between the weekly pivot and WM2 at the beginning of the week. With the 21 holding as strong dynamic resistance, a downside break through the immediate support at a psych level of 1.3000 and a retest at the role reversal will further signal a bearish move.
UsdCad H1 Chart
I will be looking for selling opportunities once this pair breaks down through the 1.3000 psych.
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