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30.03.2023 08:46 PM
USD/CAD: downside continuation in cards

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USD/CAD Massive Drop!

The USD/CAD pair crashed in the short term and now is trading at 1.3536 at the time of writing. You knew from my previous analysis that the price could approach and reach new lows if it drops below 1.3634.

Now, it's almost to reach the 1.3520 historical level. This is seen as a downside obstacle. After its massive drop, we cannot exclude a potential growth as long as it stays above 1.3634.

USD/CAD Trading Conclusion!

Dropping and staying below 1.3520 validates more declines and could bring new selling opportunities.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
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