- USD/CAD has been retracing some of its losses today after its breakdown out of the range it was stuck in - This range had a clearly defined upper and lower boundary acting as support and resistance - The pair may be finding resistance around the old support region defined in this range - We can see this as multiple pin bars have formed in this area but not PRECISELY at the previous support level - This could mean a possible slight move higher to touch this level before the drop - OR we could see the drop near term, due to previously mentioned pin bars.
THIS IS NOT TRADE ADVICE NOR A TRADE CALL
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- Price looks to have made a successful retreat from the hypothesised resistance region - Two pin-bars at this level further confirm it - Price would now need to break the recent low @ ~ 1.3128 to solidify a bearish move