USDCAD Bearish trend intact. Not too late to sell.
The USDCAD pair gave us a wonderful sell trade on our last analysis (April 17, see chart below) as we caught the exact moment of the rejection and reversal of the 4-month bullish trend:
The price has now broken below not just the (dotted) Channel Up but closed below the 1D MA50 too, confirming the trend shift to bearish. As you can see on this 1W chart, the pair always declined more following a break below the 1D MA50 and the minimum drop it has has been -3.23%.
As a result, our 1.34500 Target remains intact. A Bearish Cross on the 1W time-frame may confirm an even deeper drop.
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The price has now broken below not just the (dotted) Channel Up but closed below the 1D MA50 too, confirming the trend shift to bearish. As you can see on this 1W chart, the pair always declined more following a break below the 1D MA50 and the minimum drop it has has been -3.23%.
As a result, our 1.34500 Target remains intact. A Bearish Cross on the 1W time-frame may confirm an even deeper drop.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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