USD / CAD to Continue with Downward Momentum
Daily Chart
- Forming a head and shoulders pattern with the neckline at 1.35
- Price broke below the 233 period VWEMA, came back retested and rejected it
- Price rejected the 1.37 even within the 50 - 618 retrace level
- Trend RSI broke and has stayed below the 50% level
Weekly Chart
- Major support was broken a few weeks back
- Price has since came back to retest that zone and rejected it, confirming it as resistance
- Next major support will be within the 1.30 price range
- Reversion to the mean at the 233 week VWEMA within that same zone.
- Trend RSI just recently broke below the 50% level
- Forming a head and shoulders pattern with the neckline at 1.35
- Price broke below the 233 period VWEMA, came back retested and rejected it
- Price rejected the 1.37 even within the 50 - 618 retrace level
- Trend RSI broke and has stayed below the 50% level
Weekly Chart
- Major support was broken a few weeks back
- Price has since came back to retest that zone and rejected it, confirming it as resistance
- Next major support will be within the 1.30 price range
- Reversion to the mean at the 233 week VWEMA within that same zone.
- Trend RSI just recently broke below the 50% level
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