USDCAD has reached earlier today our 1.25 target and is now trading at 1.2524. USDCAD continues trading inside the downward sloping wedge pattern and trend remains bearish as long as price is below the recent high of 1.2645.
Red line – major resistance trend line
Yellow rectangle- horizontal resistance area
Blue line – lower wedge boundary and support
USDCAD found resistance at the yellow rectangle on March 30th and got rejected. A new lower low could come towards 1.23 as long as price is below 1.2650-1.26. In a post from March 31st we warned bulls that a pull back towards 1.25 at least was imminent.
USDCAD bulls need to hold support by the 61.8% Fibonacci retracement at 1.2480. Breaking below it will increase chances of moving lower towards 1.24-1.23. Bulls need to form a higher low and then make another try to break the red resistance trend line. For now we remain bearish since our signal when price broke below 1.2580.The material has been provided by InstaForex Company – www.instaforex.com
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