I am analyzing the pair USD/CAD on a 15-minute chart. The pair was trading in a descending trend channel, then there was a stop loss hunt out of this trend channel. The pair reached the resistance at 1.37272, there was selling volume, so I assumed that the pair would go down to the support at 1.36437. The support was broken, there was selling volume, and I assumed that the pair would go down to the support at 1.36110. In the end, it went slightly higher, corrected, and I believe it was a stop loss hunt by the sellers from the green rectangle. The pair resumed its decline, and I anticipate that the downtrend will continue further down.
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