USDCAD has registered a high of 1.3421 on 30th September, since then the currency pair has declined sharply to hit a low of 1.3099 on 12th October. Post the decline, the pair has ended in a small candlestick formation for two consecutive days (on Monday & Tuesday) indicating that the downtrend is losing steam and a rebound could be witnessed. It is also at the support of its 78.6% retracement level of the rise experienced from 1st September to 30th September indicating that USDCAD could rise to hit 1.3170 & 1.3200 in the near term while it sustain above 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.