#USDCAD could continue to move lower as the Canadian Dollar remains strong. Does this offer us short opportunities?
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USDCAD could break lower this week as the Canadian Dollar remains strong. The USD was bullish after the FOMC meeting minutes however since that bullish burst we have seen sellers take over. The NFP numbers could add volatility to this market but with the USD forecast good numbers we could see this move already priced into the market.
The daily time frame shows that the price has formed a new lower low and lower high showing a potential downtrend forming. The recent bearish rejection shows that sellers have been active at the resistance level of 1.2800.
The 1hr time frame could offer a short opportunity if the price can retest the supply zone. The zone around 1.2760 could be ideal to see sellers come into the market. If the lower time frame shows a change in trend we can identify short ideas to take price back to the swing lows.
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