USD/CAD Can We Call This A Reversal?

Published date: 03/07/2018

Last week we watched price contained in consolidation for up to a week, whilst still trying to break for further upside. However, after two failed rejections of our monthly 1.34000 region, the price has now slammed towards the downside. The first support to been broken was at 1.325500, with the daily time frame displaying heavy downside pressure. 

Now, yesterday we did see a pause in price with slight upside movement towards the afternoon, whilst we had to wait to see if this a reversal or pullback. Well, this morning looks like we are getting our answer. The price has possibly made a new lower high at 1.32220 and we could be seeing another short opportunity to the downside today. 

We are clear for any high impact fundamentals for this pair today, so let's see if we can achieve our next support level of 1.31000 soon.  



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