USD/CAD: 4H - downtrend, short-term movement is also short
Correction up to levels of diagonal resistance.
price action: Bearish Engulfing Pattern: engulfing bar with potential for decrease
Price under 5 ЕМА and moving averages in a bearish formation.
Indicators:
CCI(50) goes under 0 - negative signals
RSI goes under 50
Short-term movement is strong, but pair is volatile, which is why we better wait a correction up to 1.3065 to minimize risk and stop loss.
Alternative scenario:
Only price going over the last top at 1.3220 will change the negative formation.
Stefan D. Angelov - Head of Stocks Trading
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