USDCAD’s bearish movement from 1.3347 extended to as low as 1.2483, facing the import support at 1.2460 (May 2016 low). Near term resistance is at the falling trend line on the 4-hour chart. As long as the trend line resistance holds, the downtrend could be expected to continue. Key resistance is at 1.2608, only a break above this level will indicate that the downtrend had completed at 1.2483 already, then the following correction rebound could bring price into 1.2800 zone.

usdcad 4-hour chart

Source: http://www.forexcycle.com/short-term-forex-analysis/113203-usdcad-daily-analysis-july-25-2017.html

One thought on “USDCAD’s bearish movement extended to 1.2483”

  1. Fosberson Jeanbaptiste says:

    Does that mean USDCAD will resume the selling trend?

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