The USDCAD price action has shown bearish continuation since last month after it’s retracement. We spoke about this pair last month. Click on the link for the previous analysis (https://fxsits.com/the-usdcad-pair-resumes-bearish-plans/).Today price trades at level 1.31059 which is our resistance = support level as seen on the H4 time frame.
Looking at the H4 time frame we see that price has retraced away from level 1.29307 .Thus, now trades at level 1.31059 at the time of this writing . Looking at the USDCAD price action. We believe that if price breaks down below the support level 1.31059, then the previous support level 1.29307 will be exposed.
If price finds support at level 1.31059 and continues to move bullish. We could see price move to level 1.32380 which is our next resistance level. If price broke past the said level 1.32380 .Then level 1.33400 will be exposed which is our major Resistance level.
Due to the increase of covid19 cases and recent shutdowns of some cities around the world. The USDCAD pair has been trading in a bearish continuation pattern. We could see the pair move more bearish in the up coming months. We predict a huge dollar devaluation. Get all analysis and proper explanation attached for proper understanding from FXsits.
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.