The USD/СAD currency pair has become stable after a significant drop since the beginning of this month. The trading instrument has updated key lows. The technical pattern signals a further drop in quotes. At the moment, Loonie is consolidating near the “mirror” resistance of 1.33600. The round level of 1.33000 is the nearest support. We recommend paying attention to this situation.
If the price fixes below the support level of 1.33000, a further fall in the USD/CAD quotes is expected. The immediate goal for profit taking is the mark of 1.32500. In the medium term, the USD/CAD currency pair may reach 1.32000-1.31650. Confirmations and entry points to the market should be looked for on lower timeframes. When tracking positions, we recommend using a trailing stop.
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.Open Account