USD/CAD 4-hour: Reached our second bearish target of 1.2181
Suggested positioning: No positions. Wait for confirmation
Technical reasons why: The pair broke below all our previous pivot levels and bearish targets with a strong bearish sentiment triggered by a positive BOC statement and worse-than-expected US data. The RSI is heading down below the oversold area and the pair is scratching the lower band of Bollinger Indicator (BB) with the SSI also giving mixed trading bias.
Alternative Scenario: Above 1.23 look for gains towards previous support at 1.2416
Where I’m setting my stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 1.21 | 1.23 | 1.2416 |
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