USD/CAD Analysis - page 3
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The USDCAD keeps retracing to the downside, but so far the 1.4000 area has been acting as a support.
It bounced off 1.3638. I wonder whether this is the end of the correction.
The 1.4000 level could still act as a resistence for the USDCAD and the 1.3800 could be support.
Shorted around 1.43
I'm shorting now at 1.39 and my target is around 1.3790 - 1.3800.
I think we'll see a further move to the downside towards 1.3700.
Good support on the USDCAD at the 1.3700 level. Price is going sideways as shown on the daily chart, but no trend. Only consolidation.
For the downward trend to be confirmed the pair has to break below 1.3640.
I think next target is 1.36
I noticed that there's actually a double bottom on the daily time frame and while I do think it should continue falling, we might see some retracement first.