Investroy

USD/CAD: detailed breakdown and the next possible scenario

Long
OANDA:USDCAD   U.S. Dollar / Canadian Dollar
As it can be inferred from the 8H timeframe chart of USD/CAD , some sort of a sideways-moving range has been formed and the price is currently consolidating at the lower boundary of it.

Considering a number of factors, we strongly believe that the price will bounce off the local area of support and reach the zone of resistance plotted on the graph.

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