USD/CAD downside calling

15 October, 2018

USD/CAD downside calling as the market forms double top and threatens to break below 1.3000 figure


USD/CAD is trading just above a flat 200-period simple moving average suggesting a sideways market. USD/CAD bears objective is to break below the 1.3000 figure. USD/CAD formed a double top with the late September highs. The RSI, MACD and Stochastic indicators are also suggesting further weakness ahead. 

Targets to the downside are seen near 1.2950-59 zone (multi-month key level and August 7 low) and 1.2882-1.2900 zone (September 20 low and figure). However a bull breakout above 1.3108 (September 7 low) should invalidate the current bearish bias.    


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