Does the Bear Resume Its Move?
# 1.32300 has been working as a level of support
# A bearish trend line is in play
# Pair may find its next support at 1.31500
USDCAD after being bearish in the H4 chart has been traded around the level of 1.32300. The price has found its resistance around 1.33200. If the level produces a strong bearish reversal pattern, it may end up making a bearish breakout at the level of 1.32300. A bearish breakout may attract the sellers to go short in the pair and drive the price towards the South. The H4 chart shows that there is enough space for the price to travel towards the downside. Thus, the next bearish move may generate good momentum. The pair may find its next support around 1.31500.
On the other hand, if the level of 1.32300 produces a strong bullish reversal pattern followed by a good bullish move, the buyers may wait for the price consolidate or bearish correction to go long from value areas.
As things stand with the pair, it seems that the Bear may resume its move.
# A bearish trend line is in play
# Pair may find its next support at 1.31500
USDCAD after being bearish in the H4 chart has been traded around the level of 1.32300. The price has found its resistance around 1.33200. If the level produces a strong bearish reversal pattern, it may end up making a bearish breakout at the level of 1.32300. A bearish breakout may attract the sellers to go short in the pair and drive the price towards the South. The H4 chart shows that there is enough space for the price to travel towards the downside. Thus, the next bearish move may generate good momentum. The pair may find its next support around 1.31500.
On the other hand, if the level of 1.32300 produces a strong bullish reversal pattern followed by a good bullish move, the buyers may wait for the price consolidate or bearish correction to go long from value areas.
As things stand with the pair, it seems that the Bear may resume its move.
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