- USD/CAD has been bearish on the H4 Chart.
- The pair trades below the Simple Moving Average 30.
- The H1 Chart looks bearish.
- Intraday minor charts have been bearish.
USD/CAD- Technical Analysis-H4 Chart
The pair has been very bearish upon having a rejection at 1.36880. It made a strong bearish move by making a bearish breakout at the Simple Moving Average 30. The price made a bullish correction and made a move towards the South right from the sma 30. It consolidated around 1.35670 and made another bearish breakout. The sellers may look to go short on the pair and drive the price towards the downside. The price may find its next support around 1.35000.
On the upside, the pair may not make a bullish move soon. It is to produce a strong bullish reversal pattern such as double bottom at key levels to attract the buyers to go long on the pair. It may not happen until it reaches at the last swing low.
Price Action Analysis- H1 Chart
The chart shows that the pair has been having a strong bearish trend. As of writing, it has been on consolidation. The level of 1.35620 has been working as resistance. The sellers may keep their eyes on the chart to go short upon having a bearish reversal candle. The price may find its next support around 1.35100.
On the upside, if the pair goes above 1.35620 and produce a bullish reversal pattern at the flipped support, the buyers may push the price towards the North. The price may find its next resistance around 1.36000.
The H4 chart is very bearish. The bull does not seem to take over soon. The H1 chart is bearish as well. It may get bullish for a while though. In a nutshell, the bear has been dominating on the pair. The domination may continue for a while.
Written by: Md Tareq Sikder, Senior Analyst Forex Prop News
Contact and follow Tareq on Twitter: @tareqfpn