From the May 5 high USDCAD is regularly sold out. The drops were so far interrupted only by not very deep corrections and price was returning to declines again. This time, however, the situation may change and pair will follow another scenario.
Today, key support at 1.3000 has been tested. This level has been unbeaten for 10 months, and attempts to break it have ended with new bullish impulses. It is difficult to say at this moment whether demand is now able to derive a dynamic response. However, it seems almost certain that at the level of 1.3000 should appear at least an upward correction. The minimum range of this move can be estimated and probable range is up to 1.3240 where we have strong resistance.
YOU CAN START TRADING ON FOREX MARKET USING FREE Windsor Brokers ACCOUNT
