The USD/CAD currency pair is currently in a downtrend and is likely to continue its bearish movement. This outlook is reinforced by a downward-sloping trendline, alongside a Bearish Engulfing candlestick pattern signaling strong selling pressure.
Furthermore, the price action is forming a Double Top chart pattern, which is a strong technical signal for a potential reversal from bullish to bearish momentum.
Recommendation:
- Sell USD/CAD
- Entry: 1.37584
- Stop Loss: 1.37740
- Take Profit: 1.37367
*DISCLAIMER: All content in daily forex news is informative. PT. Maxco Futures does not guarantee its accuracy and completeness. The company is not responsible for investment losses due to the use of the information contained.
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