The USDCAD daily chart has started off this week with some pretty decisive price action.
We’ve watched the CAD bears drive the USDCAD up the chart for a few months now, but all good things eventually come to an end – this uptrend can’t last forever. Is it time this market corrected?
Price has stalled under a resistance level, which can only be referenced back to levels way back in 2002 – because this market hasn’t been in this territory for over 10 years.
A large bearish rejection candle is forming here on the daily chart, which a heavy bearish body. This gives the setup more bearish weight and increases the chances of continued selling here.
For those who are interested, we can look to grab a retracement entry tomorrow.
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