I see a potential down leg on USD/CAD to touch the 1.33800 key level. The weekly chart, for me, seems very bearish with the bullish trend becoming very choppy.
On the 4 hour chart above I can see a double top forming with price reacting of this level and crossing below the 50ema on both the 4 hourly and hourly chart. On the daily price has formed a strong bearish engulfing candle.
I will watch this pair from market open tonight, a break and close below the previous higher low (highlighted) would further confirm this trade as we would witness a break in current bullish structure.
On the 4 hour chart above I can see a double top forming with price reacting of this level and crossing below the 50ema on both the 4 hourly and hourly chart. On the daily price has formed a strong bearish engulfing candle.
I will watch this pair from market open tonight, a break and close below the previous higher low (highlighted) would further confirm this trade as we would witness a break in current bullish structure.