USDCAD near support zone

22 October 2020

USDCAD declined sharply from 1.3400 levels where it faced resistance in the last week of September to make a low near 1.3100 on 12th October. The pair has again approached this support zone and seems to be rebounding from there; this level also coincides with the upward sloping trend line drawn from the 1st September low. Further Canadian dollar is also making a potential double bottom near 1.3100 indicating a rebound in the offing. In the near term we could see the pair rising towards 1.3180 & 1.3210, while it sustains below 1.3080.

Prepared by
Technical Analysis Team

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