FX.co ★ crystal66 | USD/CAD

I am looking at the 15-minute chart of the USD/CAD pair. After the pair bounced off the resistance at 1.37272 for the first time, sellers started to accumulate volume. In this trend channel, it is evident that the volume was significant, as voluminous bullish candles are visible. When they started to flush out these sellers, the pair reached the resistance at 1.37272. There was selling volume, indicating a potential continuation of the downtrend. The pair reached the support at 1.36437, which was then broken. Subsequently, the pair retraced, seemingly taking out stops above the range. Again, there is no strong buying volume evident, so I assume that the pair will ultimately move lower towards the support at 1.36110. Everything on the chart seemed to indicate that sellers were being flushed out before further decline.