29.07.202016:39 Forex Analysis & Reviews: Bearish formation in USDCAD

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USDCAD is in a bearish trend and we remain bearish since the break below 1.35. Price is now challenging important support at 1.3350. A bearish pattern has been identified that if triggered could open the way for a move towards 1.2950.

Black line - neckline support

Blue lines- potential downside move equal to high of cup

USDCAD is challenging June lows. Price bounced off 1.3350 towards 1.37 but bulls were not strong enough and now we have a higher low formation. Price has returned to June lows and breaking below the black line (1.3350 level) we see high chances of pushing lower towards 1.30-1.2950. Resistance is found at 1.35 and as long as price is below this level we remain bearish.

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