The Bear Makes Another Significant Move
# Support level 1.35300 got breached by the price.
# The level of 1.31500 may work as the next support.
USDCAD made a very significant bearish breakout at 1.35300. As of writing, the pair is traded below the level. Thus, the sellers may keep their eyes in the pair to go short. The price seems to be having a bullish correction. It may find its resistance at the breakout level. If the level produces a bearish reversal pattern, the sellers may take the opportunity and drive the price towards the South further. The pair may find its next support around 1.31500.
On the other hand, if the price breaches the breakout level and trades above it, it may get choppy for a while before finding its next direction.
Considering the chart, it does not seem that the Bull comes into the action soon. The pair most probably is going to be dominated by the Bear for a while.
# The level of 1.31500 may work as the next support.
USDCAD made a very significant bearish breakout at 1.35300. As of writing, the pair is traded below the level. Thus, the sellers may keep their eyes in the pair to go short. The price seems to be having a bullish correction. It may find its resistance at the breakout level. If the level produces a bearish reversal pattern, the sellers may take the opportunity and drive the price towards the South further. The pair may find its next support around 1.31500.
On the other hand, if the price breaches the breakout level and trades above it, it may get choppy for a while before finding its next direction.
Considering the chart, it does not seem that the Bull comes into the action soon. The pair most probably is going to be dominated by the Bear for a while.
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