The USD/CAD downtrend is still progressing. The price is looking for a retracement and the entry in the POC zone could motivate new sellers to join.
1.3230-50 is the POC zone. Look for possible bearish rejections in the zone. We can also see Daily historical levels and last week’s W H5 resistance. If the price continues with the downtrend, look for 1.3150 and 1.3136 as intraday targets. The ATR of the last five days is 80 pips, which is pretty good considering its summer time and general lack of momentum in Forex market last six months. The USD/CAD bulls have nothing to look for unless 1.3280 breaks to the upside.
The analysis has been done with the CAMMACD.MTF template.
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Many green pips,
Nenad Kerkez aka Tarantula FX
This article was originally posted on FX Empire
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