USDCAD (1H) - short term bearish bias
Last week's bullish impulse turned out to be a dead cat bounce, then hopes faded after the price dipped below the support level of 1.3160. The short-lived recovery of the RSI from the over-sold area was met with renewed selling pressure. We would expect the mood to remain bearish as long as 1.3190 contains any pullback. For sellers who joined along the moving averages during the current phase of consolidation, the immediate target can be found at 1.3130.
Key support: 1.3130
Key resistance: 1.3190
Last week's bullish impulse turned out to be a dead cat bounce, then hopes faded after the price dipped below the support level of 1.3160. The short-lived recovery of the RSI from the over-sold area was met with renewed selling pressure. We would expect the mood to remain bearish as long as 1.3190 contains any pullback. For sellers who joined along the moving averages during the current phase of consolidation, the immediate target can be found at 1.3130.
Key support: 1.3130
Key resistance: 1.3190