USDCAD bulls fight back

In our last analysis on USDCAD we mentioned that price was breaking the trend line support. At the time of writing that seemed to be the case, however bulls made a comeback and at the end of the day the saved it. There is no clear break of support yet and thus no clear sell signal.

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Red line - support trend line

Green lines - Fibonacci retracements

USDCAD briefly moved price below the trend line but in the end of the day price was still above it. We might be very close to such a break down and a sell signal, however this has not been confirmed yet. USDCAD remains support above the red trend line. Resistance is at 1.2705. Bulls need to break above this level in order to continue higher and avoid the danger of a trend change.

The material has been provided by InstaForex Company - www.instaforex.com

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