USD/CAD Daily Sell Potential
Hello Traders,
The daily candlestick is a bearish engulfing candle signaling further downside. We can see there has been multiple test at the support of about 1.34 however sellers do seem to be in control and wait for a clean break below it and the next support should be around 1.3320 at the rising wedge trend line. BoC interest rate decision is tomorrow so there is more volatility to come before that. Stay cautious, however all indicators seem to be pointing toward further bearish momentum.
The daily candlestick is a bearish engulfing candle signaling further downside. We can see there has been multiple test at the support of about 1.34 however sellers do seem to be in control and wait for a clean break below it and the next support should be around 1.3320 at the rising wedge trend line. BoC interest rate decision is tomorrow so there is more volatility to come before that. Stay cautious, however all indicators seem to be pointing toward further bearish momentum.