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USD/CAD is Bearish But at the W L4 Support

Nenad Kerkez

Dear Traders,

The USD/CAD has formed a bearish move straight to the W L4 support. A break below will mark the continuation of a bearish trend.

1.3159-64 is the important zone. W L4/ M L4 Camarilla level is just below and we could see a potential move down on a close below 1.3159. Targets are 1.3120 and 1.3090. However, if the price makes a bounce above 1.3240 then we should see W H3 hit 1.3299 followed by 1.3343. Everything between 1.3159 and 1.3240 is a no-man’s land.

The analysis has been done with the CAMMACD.MTF template.

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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

This article was originally posted on FX Empire

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