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USD/CAD Dropping as Bearish Pressure Gets Stronger

By:
Nenad Kerkez
Published: Mar 9, 2021, 08:06 GMT+00:00

The USD/CAD looks bearish. Bearish candlesticks show stronger bodies than bullish and we can also see a sort of H&S pattern on h1 timeframe.

USD/CAD Dropping as Bearish Pressure Gets Stronger

In this article:

The USD/CAD looks bearish. Bearish candlesticks show stronger bodies than bullish and we can also see a sort of H&S pattern on h1 timeframe.

There are 2 scenarios. If the market makes a retracement to the POC zone 1.2711-23, we should see new and fresh selling pressure. Continuation of selling pressure happens at the trend line and camarilla pivot break below 1.2637. Targets are 1.2617 followed by 1.2600 and 1.2583. So far, selling on rallies could be the best option for intraday traders.

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For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad

 

About the Author

Nenad Kerkezcontributor

M.Ec. Nenad Kerkez aka Tarantula is Elite CurrenSeas Head trader and a valued contributor to many premium Forex and trading websites.

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