The bearish sentiment is prevailing on the USD/CAD currency pair. The current technical pattern signals a further fall in quotes. Some classical patterns of Price Action, Inside Bar, (H4 timeframe) have been formed in the trading instrument, which at the moment are the formations of the continuation of the downward trend. Loonie is testing local support for 1.31500. We recommend paying attention to this situation.
If the price fixes below 1.31500, the USD/CAD sales should be considered. The immediate goal for profit-taking is the round level of 1.31000. In the medium term, the trading instrument may reach 1.30450-1.30200. Confirmations and market entry points must be looked for on lower timeframes. When tracking positions, we recommend using a trailing stop.
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.Open Account