At this stage the USD/CAD currency pair is located in a downward trend movement and the last two daily candles with large black bodies indicate a possible continuation of the decrease in the near future. Last week's scenario repeats once again but we can expect a decrease of about 200p for that time.
On the daily chart there is a triangle formation and the approximation of the prices is to its lower limit. There are also several levels of support close to the prices - 1.2770 и 1.2690. These levels may serve as reference points for the price during its downwards motion.
The Next Few Days
Considering the presence of a medium-term downtrend we recommend opening a short position after a penetration of the support level at 1.2770 with target points on profit-taking at 1.2520 and 1.2550.
The recommended amount for the first position will be 2-3% of the deposit.
USD/CAD Technical Analysis & Daily Chart Latest Analytics Our Advantages