The USD/CAD has formed a bearish continuation pattern and we might expect a break below 1.3100.
If the price manages to stay below 1.3100 we should see another wave of sellers. The POC zone 1.3100-10 is showing a potential rejection lower. The target is 1.3065. However, 1.3060 is a monthly L5, so once the price gets there, we should be looking for a potential bounce. At this point watch for a bearish move lower.
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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