USDCAD retests bearish structure

USDCAD retests bearish structure

Key Resistance: 1.2600
Key Support: 1.2480 – 1.2360

The USDCAD rallied 2.30% the last 2 weeks mainly due to some USD strength and Crude weakness.

This week buyers kept trying to break the previous week´s highs until Yesterday they where able to just to see sellers smash price down from the 1.2640

This gave us our setup when the rejection happened whilst looking at one week worth of bearish divergence.

On the daily, this rejection is a retest of the January 2021 base that eventually broke. Everything points at a bearish continuation, more so with oil trying to breakout of the 62 level.

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Author : Orlando Gutierrez

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