USD/CAD looks vulnerable

USD/CAD looks vulnerable

2020-07-31 • Updated

If the market gets confirmation that Canadian economy is doing better than the US one, which had a very bad Q2, USD/CAD will suffer. The pair is already trading within a downtrend. June lows have provided support near 1.3315, but the resistance line from the March highs is limiting the upside around 1.3460.

On the H4, support is located at 1.3400 (50-period MA). A decline below this level will open the way down to 1.3355.

Trade idea for USD/CAD

SELL 1.3395; TP 1.3355; SL 1.3415

USDCADH4.png

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