USDCAD declined sharply from 1.3400 levels where it faced resistance in the last week of September to make a low near 1.3100 on 12th October. The pair has again approached this support zone and seems to be rebounding from there; this level also coincides with the upward sloping trend line drawn from the 1st September low. Further Canadian dollar is also making a potential double bottom near 1.3100 indicating a rebound in the offing. In the near term we could see the pair rising towards 1.3180 & 1.3210, while it sustains below 1.3080.
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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.