• July 31, 2024
  • Trade ideas

USDCAD: Long-term Analysis

USDCAD, Weekly

USDCADWeekly.png

In the Weekly timeframe, USDCAD is in a long-term uptrend, and the price has reached a critical resistance area. Despite the solid bullish sentiment, the price has already bounced several times, so it is essential to consider two scenarios.

  • If the price breaks the resistance area at 1.3870, it will reach 1.4360;
  • However, another bounce from resistance will drop USDCAD to 1.3600;
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Author: Egor Schmidt