Daily Price Action
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USDCAD Is Due for a Bounce

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The USDCAD is down 2,500 pips since March 2020.

Every time the pair gained a few hundred pips, sellers were there to send it even lower.

However, USDCAD is coming off multi-year support near 1.2000.

You can see how the 1.2000 area has served as support since 2015.

USDCAD (weekly time frame)

The price action since then has even carved an equidistant channel.

Whether this latest bounce will trigger a move back to 1.4700 resistance is yet to be seen.

That said, there’s a very slight falling wedge that has formed since April 2020.

A close above resistance near 1.2380 could set the stage for a more sustainable rally.

Above 1.2380 and both 1.2600 and 1.3000 are in play as resistance.

On the flip side, a weekly close below 1.2000 would negate the bullish outlook.

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USDCAD (weekly time frame)

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4 comments
Justin Bennett says

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Ngo Sy Ha says

THANK YOU SO MUCH

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Akeem Oke says

Appreciating you for your well explanatory chat. Thank you

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DAMILARE ABIODUN says

YES

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