USDCAD lowest since April 13th
For 3 weeks, USDCAD was moving under resistance 1.3520. This weakness and impossibility to break mentioned level has finally initiated bearish action. The sale started on Monday and price quickly reached monthly lows and beyond. Tuesday’s downward movement is continuing. Support at 1.3280 was broken and now price is heading to 1.3240 support.
YOU CAN START TRADING ON FOREX MARKET USING FREE Windsor Brokers ACCOUNT
Scenarios for USDCAD
In short term at vicinity of 1.3240 may occur reaction of buyers and corrective reflection. However, in medium term breaking of 1.3240 is very likely because from September 2016 to April 2017 USDCAD moved between 1.3520-1.3030. The last level is now the main goal of bears and only at this level declines should end.
