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In our analysis on USDCAD from August 18th we noted that we remain bullish USDCAD and we are expecting a move to new highs above 1.28. Price delivered and made a new higher high at 1.2947. However on the last trading day of the week the daily candlestick was not so much bullish.
Red line- support
Green rectangle- major bullish support
USDCAD remains above the red upward sloping trend line support and the key green rectangle support level. Trend remains bullish as long as price is above the green rectangle support. Breaking below the red trend line support we will have our first sign of weakness.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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