USD/CAD: the bearish moves will most likely resume

The idea from the previous week pretty much remains the same. After having nicely rejected the upper boundary of the ascending channel illustrated on the graph, the price action has given us enough confidence that the bearish moves will most likely continue till the lower barrier of the formed channel is reached.

At the moment, the price has nicely corrected the impulsive bearish candle that was printed last week. A very nice top is being formed and we are eyeing to enter SELL positions once enough confirmations are provided.

Happy new trading week, family!