After failing to break and peaking at 1.35000 Resistance, price declined falling 450+ pips where we found solid support around 1.3200 - 1.3180 where we see some BUY sensitivity/Sellers taking profit .
Lower Timeframes suggests price action has entered its corrective phase with targets set at 1.33450 / 1.33620 / 1.3400 and with Oil prices being dragged down by weak Chinese trade data which pointed to a global economic slowdown, the CAD should feel some pressure from this.
We will be watching this pair closely to see if price holds our targets 1.3500 -1.3400 Resistance, where we will be looking for price action to confirm further downside before then considering shorts. We will keep you updated.
Lower Timeframes suggests price action has entered its corrective phase with targets set at 1.33450 / 1.33620 / 1.3400 and with Oil prices being dragged down by weak Chinese trade data which pointed to a global economic slowdown, the CAD should feel some pressure from this.
We will be watching this pair closely to see if price holds our targets 1.3500 -1.3400 Resistance, where we will be looking for price action to confirm further downside before then considering shorts. We will keep you updated.