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USDCAD: Back at Support!


Daily Time Frame: Starting on the daily, we can see that price has been ranging between 1.39000 weekly support and 1.42500 daily resistance. Price has respected this support zone multiple times in the past and it will be interesting to see if we hold above this week.

 

4Hr Time Frame: If price manages to hold above this 1.3900 key support zone in confluence with some reversal formations then, we can look to buy this back up to 1.42500 key daily resistance. However, if price manages to break and close below, we must reevaluate price action. Due to uncertainty of market fluidity, risk management is highly recommended.


 

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