Spotlight on USDCAD. The latest daily technical analysis by AAATrade reveals the key support and resistance levels that each of these assets is likely to reach today. Look at the charts and our market analysts’ observations below and gain a fresh perspective on trading.
USDCAD
Looking at the 4H USDCAD chart we can see the surge and break from its previous resistance level of 1.271, topping at 1.285 but failing to hold on to most of its gains in the days followed. It managed to consolidate the 1.263 and about a week ago attempted another breakout at the 1.276 level, failing once again thus it fell below its previous support of 1.26, to its now newly formed support of 1.256 where it currently traded.
Today we could expect a consolidation in the current price range near the support level of 1.256, and possibly bouncing upwards towards the 1.264 price range.
If however, shows an inability to hold the current level, we could expect a movement below the support level of 1.256 possibly in the 1.264 level.
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AAATrade Market Research Department.
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