The USD/CAD is bearish and we could see another drop after a retracement. The price has formed two POC zones.
1.3220-35 is the first POC zone where we should expect the price to react with a bearish move. The trend on USD/CAD is bearish now and we still need to see fresh sellers joining. POC2 is 1.3260-75 and this is also a rejection zone for the pair. Targets are 1.3139 and 1.3108. Only above 1.3300 we might see a trend change and bullish price action. At this point my trading idea is to sell on rallies.
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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