USD/CAD Zig-Zag Rejection Confirms Bearish Trend

Technical analysis of Forex market

The USD/CAD has formed a bearish zi-zag with clear rejections as shown in the chart. If the price makes a pullback towards the POC zone, we might see another short selling pressure.

The POC zone 1.3190-1.3200 should provide a rejection if the price makes a retracement in the zone. At this point, the price is in the middle of nowhere, and the best is to wait patiently. The trend is bearish with multiple price points which create the Point Of Confluence. Targets are 1.3100 and 1.3070.

Only a break above the descending trendline could make bears lose the steam and put the pair into neutral territory.

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