Is the Bear Back in the Town?
USDCAD was bearish by obeying a bearish trend line last week. The price did not obey the trend line but moved towards the North to extend its bullish correction. It then found its resistance and made a strong bearish move. The H4 chart shows that another bearish trend line can be drawn, which has been driving the price towards the South with good bearish momentum. The price consolidated and made another bearish breakout at horizontal support 1.36000. This breakout may attract more sellers to go short in the pair. The pair may find its next support around 1.35000.
The buyers on the other hand must wait for the price to produce a strong bullish reversal pattern to be able to find some long opportunities that justify risk-reward. A breakout below the level of 1.35000 may make them wait longer.
Considering the H4 chart, it seems that the Bear may dominate in the pair for some days.
The buyers on the other hand must wait for the price to produce a strong bullish reversal pattern to be able to find some long opportunities that justify risk-reward. A breakout below the level of 1.35000 may make them wait longer.
Considering the H4 chart, it seems that the Bear may dominate in the pair for some days.
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