USDCAD Analysis Feb 7, 2021

On the weekly timeframe we can see that there could be some downward movement to open up this week. Last week formed a hammer candle which is normally a sign of reversal. Down to the daily we are clearly very bearish and still maintaining the downtrend. Down to the H4 timeframe is where I’m going to look for a trend to follow. We just broker below the H4 support level which means I will look for short opportunities. If we remain below the 1.27700 level.