USD/CAD SHORT CONTINUATION TREND
A bit late on this bearish breakout, however bears still seem to be gaining momentum on the USD. The USA economy has not been doing too well with social and economic issues playing a key role in the country's recover from Covid-19.
The USD has been on a steady downtrend with prices below the 100 EMA and 150 SMA for the past few weeks. A strong resistance level stands at 1.3500 which the bears seem set to break heading for another critical resistance zone at 1.3000.
Down trend seems set to continue to the 1.3000 price level matching with the 78.60% on the fibonacci extension tracking back on a major high 1.4600 and low 1.2950.
The USD has been on a steady downtrend with prices below the 100 EMA and 150 SMA for the past few weeks. A strong resistance level stands at 1.3500 which the bears seem set to break heading for another critical resistance zone at 1.3000.
Down trend seems set to continue to the 1.3000 price level matching with the 78.60% on the fibonacci extension tracking back on a major high 1.4600 and low 1.2950.
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