USDCAD’s bearish movement extended to 1.2483

Franco Shao ForexCycle.com

USDCAD’s bearish movement from 1.3347 extended to as low as 1.2483, facing the import support at 1.2460 (May 2016 low). Near term resistance is at the falling trend line on the 4-hour chart. As long as the trend line resistance holds, the downtrend could be expected to continue. Key resistance is at 1.2608, only a break above this level will indicate that the downtrend had completed at 1.2483 already, then the following correction rebound could bring price into 1.2800 zone.

Interested in USDCAD technicals? Check out the key levels

1. R3 1.2561
2. R2 1.2555
3. R1 1.2544
PP 1.2538
1. S1 1.2527
2. S2 1.2521
3. S3 1.2510

Author

Franco Shao

ForexCycle.com

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.

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