Forex forecast USD/CAD | Our expectation:
Downtrend and a correction to Fibonacci 50% of the last downward wave.
Price below diagonal resistance and horizontal resistance zone.
MA 50 and 200 in bear formation and price below them.
SL 1.2526 sufficiently away from 50SMA.
Alternative scenario:If the price breaks and remains above 50SMA (at least 3 closed bars) this will spoil the negative scenario and we will probably see bulls prevailing.
Trader Nikolay Georgiev
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