USD/CAD continued its sideways movement in a trading range between 1.2623 and 1.2916. As long as 1.2623 support holds, the price action in the range could be treated as consolidation of the uptrend from 1.2061.
USD/CAD continued its sideways movement in a trading range between 1.2623 and 1.2916.
As long as 1.2623 support holds, the price action in the range could be treated as consolidation of the uptrend from 1.2061, and a breakout of 1.2916 resistance could trigger further upside movement towards 1.3200.
On the downside, a breakdown below 1.2623 support could signal completion of the uptrend, then the pair would find next support at 0.2433, followed by 1.2061.
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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