USDCAD – Bearish Bias MT, ST Trying to Base (4hr chart)
Gaining almost 200 pips over the last few days, the USDCAD is trying to form a ST base between 1.32 and 1.3384. The MT price action context is bearish, so I’m still favoring shorts over longs.
However ST the pair is pressing up against the first resistance level around 1.3384. A break here will then put a more neutral bias ST and test the offers around 1.3484. If this fails, then I think we have a ST base in play.
However if impulsive selling resumes from here, and takes out 1.3384, then I’m expecting another test towards the low 1.32’s.
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