USD/CAD: Bears are testing the depth of river.

Overview: By looking at the daily technical chart we can see that bears are set on sell side .The market is going to down side. The bears are taking the negative side at the market 1.3109. The pair is heading downside and making successively lower lows and lower highs.  Presently the bears are leading in the market after breaking the key support level is 1.30722. The day range is between 1.3016-1.3145.

 

Technical Analysis:  From technical prospective we can see that pair is trading and heading at south side as a downtrend line followed by an aggressive downtrend line. The way bears are reacting they are receiving the supply pressure from the major and minor EMA lines. So we will keep our bearish view on the pair and sell on rise will be profitable strategy. . Odds are in favor of the bears and we will get the further bearishness in the pair below 1.28634.

 

The RSI is below the 50 levels which are favoring the bears A bearish crossover on  MACD  indicator is showing the weakness in the pair. The 1.3170 is key resistance level followed by 1.3240 whereas 1.3050 is key support level followed by 1.3000 level.

 

Trade idea: From the above statement we can conclude that sell at 1.3130 targets at    1.3064and 1.3005 and sl -1.3214.

 

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