19.08.2020 03:23 PMOn August 10th we noted a bearish setup in USDCAD and we confirmed that we prefer to be sellers on any bounce as price was expected to get rejected and move towards 1.32. At that point in time USDCAD was trading at 1.3335.
Red lines - bearish channel
Blue lines -bearish short-term channel
Yellow rectangle - key resistance
USDCAD is now trading near 1.3135 almost 200 pips lower from our post about the bearish setup. Trend is clearly still bearish and as long as price is below 1.3350 we remain medium-term bearish. A bounce towards 1.32-1.3230 is possible so bears should not get overconfident. Our target of 1.30 remains valid.
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaTrade anyway.
We are sorry for any inconvenience caused by this message.
