USDCAD is now in the downtrend from 1.2688, the bounce from 1.2450 is likely consolidation for the downtrend.
USDCAD is now in the downtrend from 1.2688, the bounce from 1.2450 is likely consolidation for the downtrend.
Further decline is still possible after the consolidation and a breakdown below 1.2450 support could take price to 1.2300 area. Resistance is at 1.2570, only break above this level could trigger another rise towards 1.2688 resistance.
Futures, options, stocks, ETFs and over the counter foreign exchange products may involve substantial risk and may not be suitable for all investors. Leverage can work against you as well as for you. You should therefore carefully consider your investment experience as well as financial condition before deciding if trading is suitable for you.
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