The support area that has been followed by us here at ForexMansion.com in this pair has finally been breached as of Wednesday. Because of this, the USD/CAD should take a decidedly bearish tone form this point forward.
The daily bar does resemble a hammer, but with the slow, grinding, and methodical mature of the move down, it simply signifies that the move to 0.95 and 0.90 might be a slower affair than one might have imagined.Â
Any longs at this point would be discouraged, as there is no clear support at this juncture. In fact, if this pair moves slowly downward, selling all rallies will be the order of the day until the trend changes.
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