USDCAD, H4
On the H4, USDCAD is moving in a descending channel pattern. The price bouncing off the lower trend line is testing an important resistance area, creating two possible options. Although the MA200 shows bearish momentum, DeMarker indicates the possibility of further upside.
- If the price breaks the resistance at 1.3630, it will reach the upper trendline to 1.3690;
- However, in case of a rebound, USDCAD price will continue to decline towards 1.356 level;
Conclusion
In conclusion, trading CFDs carries inherent risks. Success in this field demands effective risk management. To minimize costly errors and capitalize on trading opportunities, it's crucial to conduct thorough due diligence and manage risks diligently.
