USDCAD is in a bearish trend with the formation of lower lows and lower highs. This means, there is another leg potentially towards the downside to the lower support level. The price for the entry is at 1.3400 and the profit target is at 1.3250. 

The descending trendline is about to retest the resistance level to form a confluence with the short setup.

There is no retracement level in this setup.

EMA 50 is still bearish and the market is about to retest at the resistance level with a formation of the confluence.

RSI is at 28. It needs to retest the 50 level of oscillator in order to continue its course downwards.

USDCAD sells from 1.3400

Dec 19 2023