USDCAD

The USDCAD pair has been retracing from its long term bearish movement. We last spoke about the pair on the 10th of September. In this post (https://fxsits.com/usdcad-signals-a-long-term-bearish-move/) . Since then the pair has found support at an important level. The USDCAD pair now continues its bearish movement in the trends direction.

USDCAD 6 October 2020 Daily Chart
USDCAD 6 October 2020 Daily Chart

Looking at both H4 and the Daily chart. We see how the pair finds Resistance just below level 1.34996 The anti-trendline drawn is almost broken. If we see the pair settle below the anti-trendline on the intra-day trading time frame. Then level 1.31384 will be our next support .If broken we can see level 1.30203 level being exposed.

USDCAD 6 October 2020 H4 Chart
USDCAD 6 October 2020 H4 Chart

However if the USDCAD pair moves above the Anti-trendline, we can expect to see the present resistance level to be broken. When price moves above it will expose level 1.38629, which is a major Resistance level. If price breaks through that level then level 1.45627 will be exposed.Note: We still hold a strong prediction of the pair to continue it bearish since the US dollar has been weak for the pass years till date.

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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