USDCAD – At support
USDCAD ended in a long legged doji on 4th March after testing 1.2580 level which is a strong support zone for the currency pair, this suggests accumulation at lower levels. RSI is flat suggesting the downtrend is losing steam; higher timeframe charts also support the above observation. It is likely that USDCAD could rebound towards 1.2685 and 1.2740 while it sustains above 1.2590.
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Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
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