USD/CAD Is Moving to the Downside Again

USD/CAD had reached a level of support at 1.3700, formed a hammer candlestick above that level and moved to the upside, but since the prevailing trend was bearish that move to the upside was only temporary. Unsurprisingly the pair formed a spinning top candlestick below the resistance at 1.4000 and then started falling. I expect a further move to the downside towards the old support level at 1.3700, and if the pair manages to break below that support it will likely continue towards 1.3620 – 1.3600. Either way, I think now is the time to open short positions.