USDCAD rejects weekly pivot (HEDGE)

USDCAD rejects weekly pivot (HEDGE)

Key Support: 1.2629 – 1.2580
Key: Resistance: 1.2650(weekly Pivot)

Long Term View (4H)
The USDCAD is in a big bearish move, and has been for the past 3 weeks, breaking through and retesting the monthly pivot last week. Sell trades only are in play until this structure breaks.

The USD/Cad has rallied from today´s lows to test and reject the weekly pivot which is in confluence with a mayor key level and the 50% pullback level of the full wave down.

The immediate resistance at the previous highs is capping the downside int he USDCAD. Should the previous highs break shorts are in play to at least retest this week´s lows

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Author : Orlando Gutierrez

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