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18.08.202117:14 Forex Analysis & Reviews: Bulls remain in control over the USDCAD trend.

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USDCAD is now trading at 1.2622. Price made an important high around 1.28 and then pulled back towards 1.2420 forming a higher low. Price is now higher forming higher highs and higher lows and with the RSI providing new higher highs, the chances of a move above 1.28 are high.

Exchange Rates 18.08.2021 analysis

Red line - support trend line

Green rectangle- major support

Price is respecting the red trend line as this is the first line of defense for bulls. If price falls below the red trend line it will be a sign of weakness and a sign of caution for bulls. Bulls do not want to see price break below the green rectangle no matter what. A break below the green rectangle will cancel any upside scenario and will open the way for a move below 1.24. That is why bulls do not want to see price break the green rectangle. A pull back towards the red trend line support is considered a buying opportunity as price has so far respected the trend line. We remain bullish USDCAD looking for a move above 1.28.

Alexandros Yfantis
Analytical expert of InstaForex
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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