Hello and good day!
The US dollar seems to be in a downward spiral at present as demand for it continues to decline. This scenario has affected the dynamics of the USD/CAD currency pair. The pressure continues on the side of the sellers as they attempt to pull the pair downwards from the level of 1.3546 (Murray 3.8). So far, there is no assurance and confirmation of a potential consolidation below this level. However, the Tenkan and Kijun lines on the H4 chart signals a continuous downward trend, thus we are so far seeing the probability of this consolidation. The target for the short-term trend is at the level of 1.3426 (Murray 2.8). The foundation of the 35th figure serves as the support. Well, letís see what happens further. I wish everyone success in trading and good profits ahead!
The USDCAD currency pair is showing negative dynamics and is trading at 1.3545. Technical indicators on the 4-hour chart indicate a possible decline: the Metro indicator lines are below the white line, the direction line is colored red, the laguerre is falling below 0.15 and quotes are trading below the daily pivot level. Resistance Levels: 1.3586, 1.3626. Support Levels: 1.3545, 1.3504. I consider short positions below the level of 1.3545 with the target of 1.3504. An alternative scenario is relevant above the resistance level of 1.3586.