Fan Yang
All posts from Fan Yang
Fan Yang in Fan Yang,

USD/CAD - False Bullish Breakout Could Signal Bearish Continuation

USD/CAD formed a price bottom and broke above a falling trendline to start the week. However, traders in the US session did not extend the breakout, and sharply reversed the price action from 1.0880 back towards last week's lows around 1.0840. 

(usdcad 1h chart 6/16)

The lows at 1.0814 and 1.0822 area also vulnerable because this false bullish breakout adds to the case of a bearish market. In fact, there could be further downside risk toward the next pivots at 1.0737 and then 1.0588.

(usdcad daily chart 6/16)