USD/CAD
reached the resistance at 1.3140, which coincides with (MA)89 on the daily
time-frame, and attempted to break above that level twice, but it was unsuccessful.
Consequently, the pair formed a spinning top candlestick and a shooting star candlestick
below that level and started moving to the downside. The fundamentals last week
certainly helped it along. The pair is now testing the support at 1.2800 – 1.2780
and I think it is very likely to break below that level as well. If it does,
next target will probably be 1.2680, which is (MA)89 on the weekly time-frame. With
that in mind I have already opened short positions.
Let's see whether the support will hold.
ReplyDeleteYou are right, downside movement continues.
ReplyDeleteInformative post.
ReplyDelete