On Friday, August 17, the USD/CAD currency pair held the resistance level at 1.31700, which triggered aggressive sales. The trading tool has updated local extremes. The current technical pattern indicates a further drop in USD/CAD. At the moment, a classic reversal figure of the technical analysis, Double Top, has been formed. The key support is level 1.30500. We recommend you to pay attention to this situation.
If the price fixes below 1.30500, it is necessary to consider sales of USD/CAD. The immediate goal for profit taking is the round level of 1.30000. The movement is tending to 1.29650-1.29500. Confirmations and entry points to the market should be looked for on lower timeframes. When following the 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.