HomeContributorsTechnical AnalysisUSDCAD - Sells Off, Eyes Further Weakness On Bear Pressure

USDCAD – Sells Off, Eyes Further Weakness On Bear Pressure

USDCAD – The pair closed lower again following its Tuesday losses on Wednesday. This has cleared the way for more weakness. Support lies at the 1.2900 level where a break will aim at the 1.2850 level. Further down, support comes in at the 1.2800 level where a turn lower may occur. But if further weakness is triggered support comes in at the 1.2750 level. Conversely, resistance lies at the 1.2950 level where a violation will target the 1.3000 level. Further up, resistance resides at the 1.3050 level and then the 1.3100 level. All in all, USDCAD looks to weaken further lower.

Mohammed Isah is a co-founder, technical strategist and head of research at FXAssure.com. He has been trading and analyzing the foreign exchange market for the past 7 years. He formerly traded stocks before crossing over to the forex market where he worked for FXInstructor LLC as a technical analyst and head of research before Joining FXassure.com.

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