Spotlight on USDCAD. The latest daily technical analysis 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 gai a fresh perspective on trading.
USDCAD
Looking at 4H USDCAD chart we can see its inability to hold above its key support levels of 1.26 and 1.254 respectively, sinking deeper and deeper throughout the past month, finally forming a new but temporary support level at 1.244, where it showed signs of consolidation. The result from this downward trend was a 3% fall from the high 1.285 to 1.244. It is currently traded at 1.247 price range right above the support level of 1.244 and overhead resistance 1.254.
Today we could expect a consolidation in the current price range near the support level of 1.244, and possibly bouncing upwards towards the 1.254 price range. If however, shows inability to hold the current level, we could expect another movement below the support level of 1.244 possibly in the 1.242 level.




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