#USDCAD continues to break lows forming a strong downward trend. Could this offer short trading opportunities?

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USDCAD Analysis

The USDCAD could continue to make its way lower after the recent statements from the Federal Reserve Chairman Jerome Powell. His recent statements brought risk back into the market with stocks and Oil moving higher and USD and JPY falling. If this continues ahead of the CPI data tomorrow we could see short term downside to the price of USDCAD. 

The weekly chart on USDCAD suggests that the price could be heading back to the key support zone of 1.2500. If this happens we should see some short trading opportunities form in the 4hr time frame. If the price rallies and retests the current zone of resistance and sellers come into the market it could be a zone to look for short trading ideas.

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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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