USDCAD retests bearish structure

USDCAD retests bearish structure

Key Support: 1.2480 – 1.2380
Key Resistance: 1.2630

The CAD has been very strong against the USD since mid March 2020. The USDCAD in particular has been dropping non-stop since then (-15.80%), breaking with massive key levels in the process.

The past 2 weeks the USDCAD has rallied inside a bearish continuation pattern (+2.12%), and is now retesting the previous broken support and the long term bearish structure.

This pullback confluences with the 61.8% retracement of the last leg down. To be triggered we need price to break the immediate structure and the weekly pivot.

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Author : Orlando Gutierrez

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