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USD/CAD Bearish Continuation Resumes

By:
Nenad Kerkez
Published: Oct 20, 2021, 09:27 UTC

The price is in a downtrend.

USD/CAD Bearish Continuation Resumes

In this article:

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USD/CAD Technical Analysis

  • USD/CAD is in strong downtrend
  • The price is at support
  • Selling the rallies is possible
  • Breakout lower below W L3 pivot

H4 CHART EUR/CAD

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  1. Highest Point of the Swing
  2. Order Block Breakout
  3. W L3 Support
  4. Breakout Target

The price is in a downtrend. We should see a move down after either a rally or a breakout. Breakout should happen below W L3 1.2315 while a rally might come to 1.2355. Selling should continue towards blue level zones 1.2266-1.2182. Shorts at the M L3 level were spot on and they are playing good as the sellers pushed the price below the important monthly pivot. You can see the sell position in the chart. Have in mind that CAD correlates to OIL too so manage your positions wisely.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad

 

About the Author

Nenad Kerkezcontributor

M.Ec. Nenad Kerkez aka Tarantula is Elite CurrenSeas Head trader and a valued contributor to many premium Forex and trading websites.

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