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USDCAD Formed Downward Channel | May 29, 2017



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Usdcad has formed a downward channel as we can see on the chart. This pair is facing bearish pressure and staying on below 200 and 100 ema on h4. Near-term resistance lies on 1.3495 level. Expecting some bearish candle below this resistance. If we find rejection candle on h1 or h4, then we can go for sell entry on this pair. 

Intra-day bias is short term buy as this pair has formed a bullish engulfing pattern from the start of new week. So, first we can stay in bullish mode, then if any bearish candle forms, then we will go for sell on this pair. 



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