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USD/CAD - Bears Set to Continue March

Just want to take a quick look at USD/CAD. We know it has been falling sharply since making a new 2014-high at 1.1277. This is a sign of exhaustion and suggests a bearish outlook.


(usdcad 4h chart, 4/14)

Traders start the week holding off a pullback, keeping price below the 1.10-1.1010 pivot area. As the stochastic turns lower, the USD/CAD looks set to continue its bearish March. Even if the  market is to consolidate, it appears the bullish cycle within consolidation is over as the stochastic crosses under.

Also note the RSI turning down from 60. In a bearish market, I like this combination of Stochastic at 80 and RSI at 60 as a sign that the bullish correction swing might be over.