USDCAD Technical Analysis & Forex Trading Tips

USDCAD Technical Analysis

USDCAD Technical Analysis: Weekly Chart

USDCAD Technical Analysis

In the weekly charts, USDCAD was trading in an up channel.

It is trading below all SMA.

The immediate support is 1.2444 & the resistance level is at 1.2546.

USDCAD was trading in the up channel before there is a breakout downside.

USDCAD Technical Analysis: Daily Chart

USDCAD Technical Analysis

In the daily charts, USDCAD is trading in a down channel.

It is trading below all SMA.

The immediate support is 1.2449 & the resistance level is 1.2520.

USDCAD is trading in the down-channel until there is a trend reversal.  

How to Trade USDCAD this Week:

USDCAD will follow the downtrend until their trend reversal. So, remain bearish on USDCAD.

TRADE SUGGESTION- SELL AT 1.2491, TAKE PROFIT AT 1.2449 AND STOP-LOSS AT 1.2520

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