USD/CAD Will Likely Start Falling Again

Yesterday USD/CAD reached a strong support level at 1.2835 and started moving to the upside, eventually reaching the resistance at 1.3050, which coincides with (MA)89 on the daily time-frame and bounced off of it, forming a clear shooting star candlestick on the four-hour time-frame. Such a candlestick, combined with the fact that the pair has bounced off (MA)89 on the daily time-frame several times since 19^th May is a very telling signal that we should expect a new move to the downside, continuing the overall sideways consolidation. If the signal is valid next target will likely be at 1.2930, which is (MA)89 on the four-hour time-frame.