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Sunday, May 16, 2021

USDCAD Analysis May 16, 2021

USDCAD Analysis May 16, 2021

On the weekly timeframe we are looking for more downward movement on this pair as we have a monthly key level of support at 1.1900 level.

snapshot
On the daily timeframe price retraced last week and rejected the resistance level that was marked which tells me price is ready to head lower. We closed last week with a bearish engulfing candle further solidifying our bias as short.
snapshot
Down on the H4 timeframe we have a clear break and retest of a main resistance area which I will look to now short from
snapshot


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