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USDCAD is trading at 1.3335 and we now prefer to be bearish as long as price is below 1.3420 looking for a move towards 1.32.
Red rectangle- stop loss
Blue rectangle -target
USDCAD is showing rejection signs at the green downward sloping resistance trend line. The medium-term trend remains bearish as price continues to make lower lows and lower highs. That is why any bounce is still considered as selling opportunity. This trade setup has a good risk reward as price is very close to resistance and our stop loss level around 1.34. Potential to the downside is more than 100 pips and as we explained in previous posts, USDCAD could continue lower towards 1.30.
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