USDCAD extended its downside movement from 1.2662 to as low as 1.2061.
USDCAD extended its downside movement from 1.2662 to as low as 1.2061.
As long as the price is below the bearish trend line on the 4-hour chart, the bounce from 1.2061 could be treated as consolidation of the downtrend, and a further decline to 1.1800 area is still possible.
Only a clear break above the trend line resistance could signal completion of the downtrend.
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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