USDCAD → Storming the support level to break through

5 May

USDCAD continues to storm support within the trading range amid a global downtrend



The currency pair is within the range, but the battle for support continues. The reaction to false breakouts is weakening and the price continues to attack the 1.378 level, which only increases the chances of a further decline
The dollar is rebounding from resistance and beginning to fall, which is having a corresponding effect on USDCAD. If the currency pair breaks 1.378 and consolidates below the level, this could trigger a continuation of the trend after consolidation...

Resistance levels: 1.381, 1.383
Support levels: 1.378, 1.374

Focus on the lower boundary of the trading range at 1.378. The role of the range is consolidation against the backdrop of a downtrend. Thus, a breakout of support will activate the distribution phase

Best regards, R. Linda!

6 May

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