USDCAD could continue to decline further
USDCAD is trading in a lower top lower bottom formation suggesting the trend to be bearish in the near term. The currency pair is trading below the 20-day SMA supporting the above observation, RSI is also hovering in the bearish zone corroborating the above observation and indicating further downside potential. The currency pair could decline towards 1.2670 and 1.2620 while it sustains below 1.2800.
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Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.