USDCAD

The USDCAD price pattern found support and now retraces against its long term trend. For weeks now the pair was consolidating within levels before finding support at level 1.23817.SInce then the pair has moved 255 pips above the level. Here is a link to the previous analysis for this pair https://fxsits.com/usdcad-breaks-support-level-to-continue-its-bearish-trend/

USDCAD Daily chart 29 March 2021
USDCAD Daily chart 29 March 2021

As of today price is trades below resistance level 1.26292. As for the H4 and daily time frame. Our analysts see price breaking past the level 1.26292.Thus if it holds possibilities are we could see level 1.27482 being our next target . If price retraces back and moves to support level 1.24679 then we could see major level 1.23817 being exposed.

The USDCAD price pattern may continue its bearish movement in the next coming market sessions for weeks or even months. We @fxsits still hold a strong long term bearish belief that the price action of the pair. Get all the chart analysis attached for proper understanding.

USDCAD H4 chart 29 March 2021
USDCAD H4 chart 29 March 2021

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.

Follow Us

Leave a Reply

Your email address will not be published. Required fields are marked *