Short Term Trade On USD/CAD

Price has continued to decline and has now broken below the support level of 1.3229. A break of this support is likely to send price lower to 1.3180. 20EMA is pointing lower and its gradient is steep, which is a hint of a strong bearish trend.
MACD is bearish with both its lines below the zero line. MACD has started to turn lower and form a bearish crossover, supporting this bearish view. Stochastic is weak and is also turning lower into the oversold extreme for a second time. This is also another hint of a strong bearish trend.

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