USDCAD

Last week we spoke about the USDCAD price action. In the previous post we mentioned that the pair was trading and in-between consolidation. https://fxsits.com/the-usdcad-price-action-continues-its-bearish-movement/ . The pair hasn’t been able to move or break past the consolidation zones. In the chart price trades within Resistance level 1.31167 and support level 1.30387.

USDCAD H4 chart 24 Novemeber 2020
USDCAD H4 chart 24 Novemeber 2020

Taking a look at the H4 and daily price charts. You may see how price has behaved within Resistance level 1.31167 and support level 1.30387. These two levels have held strong as the support and resistance have been there for weeks . Price currently is trading a few pips above the support level 1.30387. The USDCAD price action currently faces difficulties to break the said level.

USDCAD Daily chart 24 Novemeber 2020
USDCAD Daily chart 24 Novemeber 2020

If price retraces bullish from the support level 1.30387 then the Resistance level 1.31167 will be exposed. This will now act as our resistance where price will also face some difficulties to break. However, if price breaks the support level 1.30387.Then the previous lower low at level 1.29307 which also acts as a major support will be exposed. This is where we predict price will face difficulties in breaking through .

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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