USDCAD at heavy support and ready for the next bear rally

USDCAD at heavy support and ready for the next bear rally

It’s undeniable that the USDCAD is under heavy pressure and that the CAD is really enjoying the latest Oil rally. Add all of that to the USD bear market and we have a slam dunk short in the USDCAD.

You need to understand that this articles does not induce a bullish bias, at all, but we might start a bear rally from these lows giving us the opportunity to sell higher. So heads up!

If in fact the USDCAD rallies from these lows it would break with the immediate bearish structure fueling a momo rally to our sell zones.

Should this happen we need to keep our eyes on the 1.31 level which is a BIG zone of resistance dating back to October 2018. But the real sell zone in my eyes is the full previous support at the 1.31 level which would give us a awesome risk to reward ratio for the next bear leg.

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Author : Orlando Gutierrez

USDCAD retesting previous lows

USDCAD retesting previous lows

The USDCAD bounced back from the December 2019 lows on Monday and has rallied 180 pips in a pullback move to retest the previous lows.

This level confluences with the 50% retracement of the previous bearish move, a retest of the current bearish structure and the psychological resistance at 1.3100
If this level holds and the previous lows break, which would mean a break of the continuation pattern, we could see the USDCAD retest the lows around the 1.2940

Heads up to US CPI numbers and unemployment claims later today.

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Author : Orlando Gutierrez