USDCAD Technical Analysis: Weekly Chart

In the weekly charts, USDCAD is trading within a rectangle pattern.

It is trading below all SMAs: MA (5), MA (20), and MA (50).

The immediate support is 1.22883 and the resistance level is at 1.28888

USDCAD is trading within a rectangle until there is a breakout or a breakdown.

USDCAD Technical Analysis: Daily Chart

In the daily charts, USDCAD is trading within an ascending triangle.

It is trading below all SMAs: MA (5), MA (20), and MA (50).

The immediate support is 1.24265 and the resistance level is at 1.25104

USDCAD is trading within an ascending triangle until there is a breakdown.

How to trade USDCAD this week:

USDCAD is trading within a rectangle pattern until there is a breakout or a breakdown. However, the following opportunities can be taken if there is a breakdown:

TRADE SUGGESTION: SELL AT 1.22850, TAKE PROFIT AT 1.20602 AND STOP LOSS AT 1.24930