USDCAD is at the resistance level priced at 1.3520. This level is really strong and the pair is printing a bearish pinbar. If this H4 candle is printed bearish, we can see a momentum for the downward momentum. The trend is already bearish with the structure of lower lows and lower highs and the trend is also bearish. We are looking towards another bearish impulse downwards.

The ascending trendline is due for the breakout sell, and has not yed induced for the breakout sell. 

The retracement level is in confluence with the resistance level at the 50% retracement level which needs to be respected and then turned down towards the short sell side.

EMA 50 is also bullish and the market needs to retest or break this out for shorts. We can either book our profits at the ema 50 retest or can wait for the breakout sell.

RSI is at 60. It needs to be either dropped below the 50 level or head over towards the over bought region where a bearish divergence can be formed and we can align the technicals with the RSI.

USDCAD 1.3520 shorts

Sep 27 2023