When will USDCAD's downtrend be over? Maybe soon ....

FX:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD             has benefited from the weakness in USD and since 19 December 2017, it has been in a downtrend starting from the high of 1.2920 and in 5 weeks, this pair has moved approximately 600 pips.

Investors like you may be wondering this pair's movement in the following week. From a technical outlook, you would agree that it has a downward bias. Having said that, we are interested in looking at when this downward bias will come to a pause.

Based on our forecast, if the bearish momentum continues, we could potentially see this pair reach the first support level of 1.2250, and if this level cannot provide the necessary support, we are also watching 1.2160 as the second support level , followed by 1.2060 which the third support level . If this pair reacts at 1.2250 and starts to rebound, then we could potentially see this pair to test 1.2420-60 area as our first level of resistance, and if this pair takes out this first resistance level , we will also be watching the second resistance level at 1.2520.

We will monitor the price movement of this pair and provide the necessary update accordingly.

Good trading
27 Jan 2018


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Trade active: USDCAD hit our S1 on 31 Jan 2018. We would like to keep this report active to see any further move on this pair. We will provide an update on this pair again.
Trade closed: target reached: USDCAD hit our resistance forecast last week. We shall treat this case study a close and look for further opportunity to jump back when the time is right.
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