USDCAD – ST Bearish Bias Below Key Resistance Zone | Jun 11

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USDCAD – Resistance Zone Holding for Now (4hr chart)
Yesterday in the members trade setups commentary, we also talked about being bearish on the USDCAD looking to sell inside the key resistance zone between 1.2315 and 1.2375.

The pair like the USDJPY spiked into the zone forming a pin bar rejection thus far, showing the zone is able to hold (at least for now). We’d like to see impulsive selling from here to further demonstrate this ST bearish bias.

If the zone holds, 1.2225 should be under attack and then 1.2050. Only a daily close above this zone negates my ST bearish bias.


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