USDCAD → Weak dollar. Currency pair in the correction phase

15 thg 5

USDCAD is declining on the back of a weak dollar index and breaking the support of the descending triangle, which generally allows bears to dominate the market. The price may go down to 0.355

The uptrend is not broken, a correction is forming after a retest of resistance. A descending triangle is forming on the chart as the dollar index is starting to show weakness related to the fundamentals. Most likely, from 1.36328 the price may head towards the trend support from which a rebound may follow with high probability.

Resistance levels: 1.36328, 1.37
Support levels: 1.3547

I expect the bearish momentum to continue as the sellers are strong at the moment. The global trend is not broken, the market is developing a correction phase.

Regards R. Linda!

15 thg 5

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The momentum is forming and the price is testing 1.359

15 thg 5

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Consolidation is formed with signs of further decline

16 thg 5

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A decline may follow from resistance