Weekly Forecast: Will USDCAD finally break out?
USDCAD has been in a major consolidation range ever since price shot up due to WTI crashing.
Demand zone at 1.387 - 1.3921 has shown to be a strong support zone and price has not been able to break below.
This week, price climbed back up to the top of the range and got resisted again. As USDCAD has been forming lower highs, we are expecting price to fall and test the support once again.
Should USDCAD finally break below the strong demand zone, more downside could be seen, and we could sell USDCAD once price retests the demand zone.
Demand zone at 1.387 - 1.3921 has shown to be a strong support zone and price has not been able to break below.
This week, price climbed back up to the top of the range and got resisted again. As USDCAD has been forming lower highs, we are expecting price to fall and test the support once again.
Should USDCAD finally break below the strong demand zone, more downside could be seen, and we could sell USDCAD once price retests the demand zone.