USD/CAD Follows the EMA89 Slope
The pair is still going down and in the case of any spike to the upside pay attention again to POC 1.2990-1.3005 (D H4, ATR pivot, EMA89) and eventually POC2 1.3035-50 (D H5, W H3, descending trend line, ATR high) where price could reject again. At this point the price is below W H3 and D H3, which signifies a strong downtrend. Continuation below yesterday’s low (1.2912) aims for 1.2895 and 1.2869. Below it is a void zone, where we could see hardly any support all the way down to 1.2780.
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Daily technical analysis is written by Nenad Kerkez, a senior analyst at Admiral Markets