USDCAD

Last week we saw the USDCAD trade in-between a consolidation level. The link below can be used as reference. https://fxsits.com/the-usdcad-price-action-consolidates-between-key-areas/ . Looking at the chart you will see how price reacts after 5 market sessions. The USDCAD breaks consolidation and moves bearish. Thus, following its long term trend .Possibly signaling a bearish continuation into 2021.

USDCAD DAILY TIME FRAME
USDCAD daily chart 7 December 2020TIME FRAME

In the daily time frame, we can see how price broke past the support level 1.29307. It now trades 150 pips below the major support level. With that said .We think that we might see price react differently during the week. A close after breaking the major support level. Because the USDCAD breaks consolidation and now trades at a different level. Could sellers push the market in their favor.We target level 1.2331 where we think price will be resisted. If the level is broken then we expect to see price move to level 1.2255 which will be our next target.

USDCAD Weekly chart 7 December 2020 TIME FRAME
USDCAD Weekly chart 7 December 2020 TIME FRAME

Feel free to get all the analysis of the pairs charts below for proper understanding and keep a watch out on price action on the up coming market sessions to see how price react to the given levels and where it will move to trade them and profit form the pair.

NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read the risk warning before deciding to trade the markets.

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