USD/CAD: Short short short

Following friday’s session and due to the oil’s recovery, USD/CAD confirmed further weakness.

Weekly

usdcad wWeekly shows a bearish engulfing candle suggesting that bears are now fully active. Supports are seen on TS (S1) and KS (S2) as shown above.

Daily
usdcad dFriday’s daily KS has been heavily broken by a red candlestick. Thursday’s prices had already broken their TS showing that bears could take control of the pair. LS has no immediate support indicating further downside pressure.

Checking Fibs, we see that prices could fall to the 38.20% retracement, around 1.39703.

H4usdcad h4
H4 shows more details: KUMO has been broken and LS has entered its KUMO. LS should test the bottom of its KUMO. The extension of H4 SSB could be the next immediate supports.

Prices broke their KUMO and are technically in a bearish trend.

We are already bearish on the pair. The confirmation will be given as soon as LS crosses down its KUMO.