empty
 
 
05.12.2019 10:25 AM
USDCAD reversal confirmed

In our last analysis on USDCAD we pointed out the confirmed resistance around 1.33 and that we were bearish as price showed weakness signs. Our view was confirmed shortly after as price got rejected and sellers pushed price from 1.33 to 1.3178 where it currently is.

This image is no longer relevant

Black line - resistance

Red arrows- weakness signs

Blue line- major support

Red line -major resistance

USDCAD has confirmed that 1.33 is now a very important short-term support. Price is pulling back as expected and we should expect the blue trend line support to be tested over the coming days. Between 1.3145 and 1.3120 we find important support. So if the decline pauses in this area, bears should better take some of their short-term profits. As long as price is below 1.33 price will be vulnerable for another push lower towards 1.30.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback