USDCAD bearish breakout in play

USDCAD bearish breakout in play

Key Resistance: 1.2500
Key Support: 1.2350 – 1.2300 – 1.2200

After last week’s big rally the USDCAD hit a big key level, the previous broken base at the 1.2500 level. This level is key because it held as support for more than 1 month (Feb. 25 – April 26) before the bearish move continued.

This market is still very much bearish with the Canadian Dollar strength overwhelming the USD weakness (long term). Price has now broken with the short term bullish structure whilst printing massive bearish divergence at the top of the structure on a reversal pattern.

We are targeting a pullback here on possible USD weakness (DXY’s pullback at the top of the bullish structure, explained on the daily watchlist) towards the weekly pivot area at the break of today’s lows.

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Author : Orlando Gutierrez

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