USD/CAD extended its bearish movement from 1.3793 to as low as 1.2413, and broke below 1.2460 (the May 2016 low) support, suggesting that the long term downtrend from 1.4689 (Jan 20, 2016 high) has resumed.
USD/CAD extended its bearish movement from 1.3793 to as low as 1.2413, and broke below 1.2460 (the May 2016 low) support, suggesting that the long term downtrend from 1.4689 (Jan 20, 2016 high) has resumed. Further decline is still possible and next target would be at 1.2000 area. Near term resistance is at the falling trend line on the daily chart, 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.
Comments
Log in or sign up to join the conversation.