USDCAD Displaying Weakness off Resistance – Time for a Correction?

The USDCAD daily chart has started off this week with some pretty decisive price action.

We’ve watched the CAD bears drive the USDCAD up the chart for a few months now, but all good things eventually come to an end – this uptrend can’t last forever. Is it time this market corrected?

Price has stalled under a resistance level, which can only be referenced back to levels way back in 2002 – because this market hasn’t been in this territory for over 10 years.

A large bearish rejection candle is forming here on the daily chart, which a heavy bearish body. This gives the setup more bearish weight and increases the chances of continued selling here.

For those who are interested, we can look to grab a retracement entry tomorrow.