Description: I will be watching Canadian Loonie (USD/CAD) along with other currencies for this week. As per posted chart, Tenkan Sen (Blue) dead crossed Kijun Sen (Red) on 26th of March with a drop of red candle that created a good resistance. The bulls tried to break the resistance on 5th of April just when reached Kumo edge but failed to do so and formed a long shadow candle below 1.01800. The trend technically is trading within a small area or a squeeze. I will be watching one session closing below 1.0150 within falling channel in order to trigger a short position with a small lots to take some drop within Kumo. I recommend you to keep your eyes on 1.0150 level for now and to wait for economic feedback in order to support the trade. I will keep you posted on the potential opportunity.
Trend: Bearish (Weak)
Recommendation: Sell and hold once price close below 1.0150
Stop Loss: N/A