A bearish trade setup is identified on the Dollar Canada, with conditions including multiple daily closes below the 50 EMA, the 20 EMA below the 50 EMA on the 4-hour chart, and potential alignment of a structure level with the 50 EMA, anticipating a move into resistance and potential selling pressure.
"we actually have a possible trade setting up here on the dollar canada if you look with me you can see that we've had multiple candles that have closed below the 50 ema we only needed three excuse me we only needed three we have more than three here so now we'll drop down to the four hour bring on our 20 ema as you can see our 20 ema is below our 50 ema and we have a very nice level of structure looking left between our blue lines so with that being the case that level looks like it may in fact align with our 50 period moving average and if it does and we see price push up to this level in combination with our previous level of support that should become resistance then i will be looking for selling pressure if we get that combination to push us continually in trend to the downside here on the dollar canada"
