WEAKENING USD

USDCAD has recently shown a reversal on the 4hr timeframe, consistent with the daily, 2hr and 1hr. This reversal leads to a continuation of the long term downtrend. Price broke through a short term level of support from both above and below, but has since failed to reach high enough to attempt another breakthrough. I’m taking this as a confirmed rejection for this currency pair.

Reasons to take:
- Downtrend both short and long term
- Momentum is negative and downward facing
- Stochastics are below 50, downwards facing and %D is above %K

Entry: 1.34296
SL:1.34640
TP: 1.33870