USDCAD - Weekly Analysis 2nd July 2017

USDCAD Top Down Analysis...

Looks like bearish momentum hasn't headed up just yet, it's mid range of any levels so not open to any opportunities here.

Monthly

Price has broken out of the ascending trendline and working it's way down to prior Monthly Resistance.

This move has been off of a very bullish trend - if this Monthly Level cannot hold support, then we could see a downtrend and overall bias as bearish.

Weekly

Weekly shows the ascending trendline being a clear and strong break.

Monthly Resistance is the next point of support, this could be where a retracement occurrs.

Daily

Daily has very strong bearish candles, however candles are getting smaller so this Daily Level could have found support for a retracement then a continuation to the Monthly Resistance Level for support.

H4

H4 is previous candle is looking very strong after a short consolidation zone.

Need to see how this current level reacts, if it is broken then Monthly Level is the next key area.

If it bounces, we could see price move back towards the 20EMA or even 50EMA for a 50% pullback and continuation.

H1

Price is showing itself as close to the EMA's and still a strong downtrend.

Outlook

Overall, there are no short term trades at current as we just below a daily support level right now and need to see how it reacts.

Needs more development, but overall bias is bearish here. Would look for a pullback long around the Monthly Level for a bounce.