USDCAD – Corrective Price Action Structure, ST Bearish | Jun 16

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USDCAD – Corrective Structure Weakening, ST Bearish (1hr chart)
After flirting with trying to take out the 1.2350 resistance zone for a few days, the USDCAD sold off pretty decently today (considering the low volatility lately) forming a lower high in the corrective price action structure.

This suggests bears are starting to take over a tad, so this resistance zone should hold on pullbacks.

Downside I’d be looking to target 1.2215. Only a daily close above this resistance zone changes my ST bearish bias.


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