Title
USDCAD H4 | Bearish breakout
Type
Bearish Reversal
Preference:
USDCAD could continue with the downward momentum and breakout of the pivot at 1.3263, an overlap support, and price reversing to the 1st support at 1.30984, the overlap support.
Alternative scenario:
Price could bounce off the pivot at 1.3263, and rise to the 1st resistance level at 1.3363. the overlap resistance.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.