Technical outlook and ideas for Forex pairs
We have outlooked several promising Forex pairs and the result can surprise you!
Downside target for USD/CAD
Information is not investment advice
USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips. The pair closed below the April-May support line and the 50% Fibo retracement of the 2019-2020 advance. As you may see on the chart, the price broke out of the consolidation range within which it had spent a couple of months.
The next Fibonacci level is at 1.3605. Before that, the pair can have support of the 100-day MA (1.3705). On the H1, USD/CAD formed a triangle – a bearish continuation pattern.
Trade idea for USD/CAD
SELL 1.3750; TP1 1.3705; SL 1.3770
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