The USDCAD finds a good resistance around the 1.3000 level, where we can find the 55 day EMA. In case of going back to the downside, the 1.2800 level could act as support. To the upside, the 1.3081 level could act as resistance.
The USDCAD forms what it appears to be a pennant formation on the daily chart. From the current level at the 1.3234, the pair may head in any direction, but the bullish trend in the short term is still in place. To the upside, its next resistance could be the 1.3289 level. It nearest support is at the 1.3200 level, followed by the 1.3100 level.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.