The USD/CAD has formed a clear bearish swing below the POC zone. A retest of the zone might show fresh sellers.
1.3340-55 is the POC zone. Any pullback within could be used for fresh selling. However, if we don’t see any retracement to the upside, watch 1.3290. 1h or 4h close below 1.3290 will show a continuation of the bearish momentum with next target a 1.3267. If we take a look at the big picture, we can see a bearish M pattern on H1 time frame that is in place. Pay attention to today’s ADP numbers as the price in the pair might get additional momentum just after the data has been released.
The analysis has been done with the CAMMACD.MTF template.
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