USDCAD | WEEKLY FORECASTAs the Greenback appears to be losing steam across major pairs; A Breakdown of our Key level (1.35500) last week is a significant Bearish signal for us.
Tendency: Downtrend ( Bearish )
Structure: Break-down | Support & Resistance
Observation: i. . 786 retracement of the most recent Bearish Impulse leg culminates at 1.37000 followed by a Bearish momentum.
ii. The Bearish momentum which started last week finally breaks our key level @ 1.35500 which also coincides with a Breakdown of our Bullish Trend .
iii . Expecting a further rally to the downside in the following week(s) with a 1.414 extension target.
Trading plan: SELL confirmation with a minimum potential profit of 350 pips.
Risk/Reward: 1:3
Potential Duration: 4 to 8 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Nirvana! Forex
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