USDCAD was supposed to reach the region in red but Canadian dollar seems to give a tough competition to the king USD. However, the Loonie dollar intention for a bullish continuation is quite questionable owing to the huge rejection candles on weekly timeframe. Therefore, I no longer confide in the bulls.
"Feds are losing against BOC".
The last nail in the coffin is the support region of 1.2550-1.2600, If any daily candle successfully opens below 1.2550 we are looking at the targets marked with green rectangles. We might actually be able to see USDCAD back to 1.2000 but that is a distant story for now. Let us now observe where USDCAD decides to go. But looking at the recent weekly candlesticks, I am voting in favor of bears.
"Feds are losing against BOC".
The last nail in the coffin is the support region of 1.2550-1.2600, If any daily candle successfully opens below 1.2550 we are looking at the targets marked with green rectangles. We might actually be able to see USDCAD back to 1.2000 but that is a distant story for now. Let us now observe where USDCAD decides to go. But looking at the recent weekly candlesticks, I am voting in favor of bears.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.