USDCAD; Look To Continue Break Down Again


USDCAD Long Term Chart (Source http://www.dailymarkets.com)

USD/CAD saw massive selling pressure at the end of the week, and as such looks primed to break down again. The week formed a continuation bar that suggests that it will break lower. A break of the week’s low would signal a move to the 0.95 level, and perhaps even the 0.90 level as well.

If the price goes above 0.98, it would be very bullish at this point as there has been so many pushes lower. With the trend being what it is, certainly shorts are favored at the moment.

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