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Down trend in USD/CAD 1 hour chart
Wednesday, April 22, 2015 15:49
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Trend is bearish in 1 hour chart. Intraday resistance is present at 1.2570 price level. As long as price prints; lower highs and lower lows, I would be probably looking for sell trades. Since yesterday, the currency pair has printed a strong bearish leg. This looks like a start of a new down trend. If bullish candlestick closes above 1.2570 critical resistance level then down trend is going to end. In this case, I would prefer to stay out of the market and re-analyze the price action.
Source: http://www.fxinstructor.com/blog/down-trend-in-usdcad-1-hour-chart
