USD/CAD: Our analysis confirmed! What to expect next week ?

Last week, our analysis lead us to a bearish bias on the pair, which has been confirmed. 

Weekly

USDCAD W

The pair is currently dealing on its TS, corresponding to 38.20% fib retracement. This level is important since the pair can rebound from here or continue little by little its drop.

Daily

USDCAD D.png

The Daily shows that prices last week converged around KS, but the level has been eventually broken which lead the pair to drop. We are currently on an extension of SSB which is a strong support. Should the pair break it, it will likely to confirm a continuation of bearish trend. This will be checked tomorrow, on Monday.

H4

usdcad h4.png

H4 shows that prices are below their KUMO, as well as LS. This level has to be watched on Monday. TP are indicated below. We put a Sl on H4 KS.

We remain bearish as long as Monday’s session closes in negative territory. Should the pair rebound from the current levels, our scenario could be invalidated.