USDCAD recently found support from its bearish trend. And now consolidates within support level 1.24701 and resistance level 1.28752 by the time of this writing . The pair broke its previous support level last week as soon as we sent out the previous analysis .The USDCAD signals bearish price action (https://fxsits.com/usdcad-pair-breaks-out-consolidation-to-move-bearish/.)
Looking at the H4 and Daily charts. We see how price found Support at the level 1.24701 before pulling back and finding resistance at level 1.27482. Price currently trades below the resistance level. We believe that if price continues to move bearish in its trend direction. Then we may see major support levels 1.24701 being exposed thus it may form new lower low.
Since the USDCAD signals a long term bearish trend then we at FXSITS still think price could move bearish price action movement. Get all the attached charts and also explanation for proper understanding and also how to trade and profit from the pair.
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