The USDCAD price is approaching a consolidation low. Will the price break out?
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The USDCAD price could break out of its recent consolidation as the USD looks to weaken. The strength meter shows us that the USD is at the top of the meter which can often lead to a reversal in that strength. The Canadian Dollar is also near the top of the meter showing us that it is strong currently.
The weekly profiles on the 4hr chart shows that if the price were to break out of the consolidation we could see a downside move to the area of low volume between 1.2700 and 1.2660. We need to see the price form a lower low, lower close outside of the range in order to look for further short trading opportunities.
Did you see our recent GBPUSD analysis video? You can watch it here.
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