audcad bearish price action bearish rejection

AUDCAD bears have been on a rampage this month producing a killer downtrend. We’ve only seen the market stall once it ran a major weekly support barrier. We haven’t really seen much bullish price action off this level, there have been two small bounces but the bears have just quickly overwhelmed them.

Last session the market produced a bearish rejection candle that closed lower than the candle open price. If this sort of bearish aggressiveness continues this session, we could see price breach this weekly support. If that event occurs it opens up the way for further downward movement

Trading into weekly support is something we normally don’t do but this particular weekly support seems non-responsive.

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