Weekly Technical Analysis Canadian Dollar USD-CAD

The Canadian dollar is trading below the 1.3840 - 1.3865 area on the daily chart, as shown in the above picture. This level was the result of strong support for the husband over the past three months and this support was broken on the last days of May 2020 to turn into a strong resistance level.

The pair is in a strong bearish trend as long as the price is below the aforementioned region. Traders are advised to enter into short positions only below the resistance while maintaining a stop loss above the resistance area and the higher the price below the resistance it can be strengthened by selling from better prices.

The general trend: It fell heavily on the daily


Update: 3/6/2020