USDCAD

Last week in our USDCAD analysis. We wrote about how price action consolidated within the Resistance and support level for weeks. The USDCAD finally broke it’s consolidation and now continues in the direction of the bearish trend. Here is the link to the previous analysis of the USDCAD price action for your reference. https://fxsits.com/the-usdcad-consolidates-within-levels-is-a-break-out-imminent/.

USDCAD Daily chart 12 March 2021
USDCAD Daily chart 12 March 2021

Last week, price traded within resistance level 1.27482 and support level 1.25919. If we look at the H4 and Daily time frame. We can see how support level 1.25919 has been broken with price now trading below the support level. Our analysts see price moving towards level 1.24701 where we think it might find support.

Incase price does find support at this level we could see it return back to level 1.2519 . But if price breaks the major support level then a new lower low level will be formed. We will be watching the next market session for an update on how price react within those levels.

USDCAD H4 chart 12 March 2021
USDCAD H4 chart 12 March 2021

We believe sellers will push the market down. With all indicator showing us bearish movement. Get all explanation and details with the attached charts for proper understanding and how to trade the pair and profit from it.

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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