USD/CAD - Could we possibly see a break below?

Most Likely Scenario: A move to the downside below 1.2926 with targets 1.2400

Alternative Scenario: Above 1.1603 look for a upside move with targets 1.3550

Trade Comments: For the past two months this pair has been bearish, now currently heading back down to its weekly support level which was previously was a resistance level before it had a breakout confirmation. Now we will be having some fundamental news releases on Tuesday with U.S. JOLTs job openings and Wednesday with Oil Inventories which can impact your trading, but overall bias is the downside prediction after a break and a retest for confirmation if not we possibly see a trend continuation from the bounce off the trend line. 

Daniel PerkinsComment