If USD/CAD continues to follow this trend then we could be looking at a bearish week for the pair. The trend line runs right into the .618 so I would be watching this pair.
Note
It’s looking like it may play out. If you look at the hourly chart you can see that it has broke its uptrend and created a lower low. This could be a false bearish breakout but it think it is a good sign. Watch the lower time frame for more confirmation.
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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.