Skip to content
usd/cad

USDCAD retests bearish structure

Article Rating:
Based on 1 vote
Login to rate this article.
Key Support: 1.2480 – 1.2380
Key Resistance: 1.2630

The CAD has been very strong against the USD since mid March 2020. The USDCAD in particular has been dropping non-stop since then (-15.80%), breaking with massive key levels in the process.

The past 2 weeks the USDCAD has rallied inside a bearish continuation pattern (+2.12%), and is now retesting the previous broken support and the long term bearish structure.

This pullback confluences with the 61.8% retracement of the last leg down. To be triggered we need price to break the immediate structure and the weekly pivot.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9