USD/CAD Technical Analysis

USD/CAD is in strong downtrend
The price is at support
Selling the rallies is possible
Breakout lower below W L3 pivot

H4 CHART EUR/CAD

Highest Point of the Swing
Order Block Breakout
W L3 Support
Breakout Target

The price is in a downtrend. We should see a move down after either a rally or a breakout. Breakout should happen below W L3 1.2315 while a rally might come to 1.2355. Selling should continue towards blue level zones 1.2266-1.2182. Shorts at the M L3 level were spot on and they are playing good as the sellers pushed the price below important monthly pivot. You can see the sell position in the chart. Have in mind that CAD correlates to OIL too so manage your positions wisely.