USDCAD - SHORT
DESCRIPTION:
The price of the counter USDCAD is retaining below the resistance trend line. The trend line has been tested thrice at prices of 1.2634, 1.2630, and 1.2621. The price is still under the resistance trend line and there is no indication for a breakout. Today the price started moving downwards and the selling pressure of the market may pull the price even more downwards. The bearish trend of the counter is expected to continue further. The stochastic indicator curves are at level 80 which gives additional support to the description.
The major levels for the counter are:
R2 - 1.2715
R1 - 1.2661
PP - 1.2570
S1 - 1.2570
S2 - 1.2425
The price of the counter USDCAD is retaining below the resistance trend line. The trend line has been tested thrice at prices of 1.2634, 1.2630, and 1.2621. The price is still under the resistance trend line and there is no indication for a breakout. Today the price started moving downwards and the selling pressure of the market may pull the price even more downwards. The bearish trend of the counter is expected to continue further. The stochastic indicator curves are at level 80 which gives additional support to the description.
The major levels for the counter are:
R2 - 1.2715
R1 - 1.2661
PP - 1.2570
S1 - 1.2570
S2 - 1.2425
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