USDCAD

Up until today. The USDCAD price action still trades within a range. Price trades within level 1.25919 and level 1.27482. The pair hasn’t really moved for some weeks now. In the chart it seems as if price forms a consolidation with no signs of momentum and good volatility. The link below shows us price has been behaving for the past weeks. Reference of the past analysis will give you more insight of the price action here https://fxsits.com/the-usdcad-signals-possible-bearish-continuation/ .

USDCAD H4 Chart 9 March 2021
USDCAD H4 Chart 9 March 2021

In the H4 and daily Chart we see that price is still on a long term bearish trend. This has been the case for sometime. We believe that if price breaks resistance level and continues bullish then level 1.28752 will be exposed. this level is set to be our major Resistance level. If price breaks past the major resistance level. We may see a new trend reversal begin.

USDCAD Daily Chart 9 March 2021
USDCAD Daily Chart 9 March 2021

However if the USDCAD moves bearish and breaks past level 1.25919 and level 1.24701 .We may then see price continue its bearish trend and form new lower lows. With that said our analyst still believe a bearish movement could be imminent an this could last for months.

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