USDCAD- 03Mar2022
On the daily, USDCAD dropped after BOC raised their interest rate from 0.25% to 0.5%. This could strengthen CAD further and push the price down further.
On the H4, price dropped below the previous demand zone around 1.26640. As Stochastic still has a bit of lower downside before support, price could potentially drop to the lower parallel channel trendline support at around 1.261365 before having a short-term bounce to 1st Resistance at 1.26760.
This is for personal record purposes only, not financial advise or solicitation of trade.
On the daily, USDCAD dropped after BOC raised their interest rate from 0.25% to 0.5%. This could strengthen CAD further and push the price down further.
On the H4, price dropped below the previous demand zone around 1.26640. As Stochastic still has a bit of lower downside before support, price could potentially drop to the lower parallel channel trendline support at around 1.261365 before having a short-term bounce to 1st Resistance at 1.26760.
This is for personal record purposes only, not financial advise or solicitation of trade.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.