GENERAL OVERVIEW: USD/CAD maintains its major bearishness in the market.. The US dollar loses the ground with the market pricing in a demo crate victory. The USDCAD been trading on its back foot and maintaining its bearishness in market. The downfall was sponsored the some aggressive US DOLLAR long unwinding trade the demand for the dollar is going low. The market is staying at risk due to depper decklines of the market .However on the hourly chart pair is making the double top formation which is bearish technical reversal pattern that forms asset reaches a high price. The market suggests the sellers to go for sell in the market. The market is holding its bearish momentum in the market. The sell off in the safe heaven dollar gathered steam following moderna’s news pushing USD/CAD lower.
REASON& ANALYSIS: Downside risks dominated the US dollar against the Canadian dollar on Monday , for the future the exchange rate is continue to declines .On the daily chart the part is falling towards the downside in the market and breaking the neck line 1.2417 and will continue to fall . The key factors exerting the bearish pressure on the market .Its remains to make downfall to the downward side and attract the sellers to invests 1.2404 level . On the 4 hourly chart pair is making the downfall and the maintain the negativity in the market. The EMA lines are falling below the SMA lines which gives us confirmation of correct bearishness in the market.
The RSI is below the 50 levels which is favoring the bears. A bearish crossover on MACD indicator is showing the weakness in the pair.
OUR RECOMMENDATION: Based on the chart and studies above we would suggest that go for sell at 1.2416 target is 1.2360 and1.2300stop loss 1.2400
