USDCAD failed to breakout of 1.2598 resistance and stayed in the trading range between 1.2433 and 1.2598. Another fall to test 1.2433 support would likely be seen.
A breakdown below this level will indicate that the uptrend from 1.2061 had completed at 1.2598 already, then the following downside movement could bring the price back to 1.2300, followed by 1.2061.
On the upside, a breakout of 1.2598 level could signal resumption of the uptrend, this could trigger another rise towards 1.2750.
Related Posts
Stocks Outlook – Wednesday, August 15
Bitcoin leverage ramps up as BTC’s margin long-to-shorts ratio hits a record $2.5B high- Forex Week In Review – Monday, July 24
- Cosmoverse Conference 2021 kicks off in Lisbon
- If You Listen To Stansberry On Fannie And Freddie, You’ll Lose
E
Market Briefing For Saturday, December 10
Leave A Comment