Tue, Sep 27, 2022 @ 05:27 GMT
HomeContributorsTechnical AnalysisUSDCAD Bearish, Weakens Further

USDCAD Bearish, Weakens Further

USDCAD: The pair continues to weaken extending further on Friday and opening the door more declines. Support stands at the 1.2950 level where a break will aim at the 1.2900 level. Further down, support comes in at the 1.2850 level where a turn lower may occur. But if further weakness is triggered support comes in at the 1.2800 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance lies at the 1.3050 level where a violation will target the 1.3100 level. Further up, resistance resides at the 1.3150 level and then the 1.3200 level. All in all, USDCAD looks to weaken further.

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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