USD/CAD: Will it break the weekly support zone?
It has been a choppy two weeks of price action for this pair since breaking below the 1.34000 monthly support. Last week we watched price attempt a reversal back towards 1.34000, however not having enough momentum to break, allowing the price to have a huge 90+ PIP fall down to current support at 1.32100-1.32000 zone.
Scaling down to a 4-hour time frame we can see potential lower-high bring formed at 1.33500, giving us the indication of a bearish trend that could continue to fall into next week. However first we must break our weekly support at 1.32100 area. As displayed on the chart, we tested this level back in January 9/10th however support held strong, since then we have tested just 2 days ago and now aiming at another attempt.
The opportunity for a downside break could lead to at least a 100+ PIP fall towards 1.3100 region and beyond.