- November 4, 2020
- Posted by: cabana-admin
- Category: Forex Broker
Overview USD/CAD maintains its major bearishness in the market. The pair keep recovery moves from 1.3095, the lowest since October, us dollar recently gained bids as President Donald Trump and company inches closer to the victory. The US dollar loses the ground with the market pricing in a demo crate victory. The USD been trading on its back foot and maintaining its bearishness in the market. The downfall was sponsored the some aggressive US DOLLAR long unwinding trade the demand for the dollar is going low. The market is staying at risk due to the deeper declines of the market. However oversold conditions on the hourly chart helped to limit further losses ahead of the key event at risk. The market suggests the sellers to go for sell in the market. The market is holding its bearish momentum in the market.
Technical Analysis: Downside risks dominated the US dollar against the Canadian dollar on Monday, the currency pair declines by 155 basis points or 1.16% during the trading session. a for the future the exchange rate continues to declines. A breakout through a lower boundary ascending channel pattern occurs on 4 hourly chart. the pair makes the heavy losses of 150 pipes. The key factors exerting the bearish pressure on the market. Some technical selling 1.3200 round figure will mark. Its remains to make downfall to the downward side and attract the sellers to invests 1.3102 level . On the daily chart pair is making the downfall and maintain the negativity in the market. The current level of the market around 1.3219. The support f the pair is 1.3152 followed by 1.3103 and the resistance is 1.3202 followed by 1.3252.The RSI is below the 50 levels which is favoring the bears. A bearish crossover on MACD indicator is showing the weakness in the pair. We may see a further downfall in the pair below 1.3080 level.
Trade Idea: Based on the chart and studies above we would suggest that go for sell at 1.3266 targets is 1.3011and1.3500 stop loss.
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