USDCAD stays in a trading range between 1.0286 and 1.0420. Key support is at 1.0286, as long as this level holds, the price action in the range is treated as consolidation of the uptrend from 1.0013, one more rise to 1.0500 area to complete the upward movement is possible after consolidation. On the downside, a breakdown below 1.0286 support will indicate that the uptrend from 1.0013 had completed at 1.0420 already, then the following downward movement could bring price back to 1.0100 zone.
Franco Shao is founder of ForexCycle.com - a website that focuses on market trend and data analysis of the financial markets, especially for foreign exchange trading. It was established in year 2005.
Franco has rich experience in the industry.
Investment and trading decisions are solely your responsibility. None of the ForexCycle.com newsletters or web site materials should be interpreted as a recommendation or solicitation to take any short or long positions, or to take any specific action.
August FXStreet Meetups
Don't miss out the next meetups organized by FXStreet in Istanbul & Sydney (August, 2nd & 7th). Learn more!
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.