FOREX ANALYSIS FOR USDCADIf you’ve been a USDCAD (a 4hour chart of which is shown) chart bear since last week, pay closer attention to whatever happens at this currency from today. This is because we may be seeing a bullish trend reversal of USDCAD since prices seem to have formed a double bottom on the 4hour chart of this pair. Also, prices had hit a major support in the daily chart.
What happens is that prices are in consolidation on the 4hour chart. A break above the resistance point of this consolidation would signal a bullish reversal phase but if the resistance can hold and prices breaks down further, we may be seeing more of bearish scenario. But for now, we remain neutral with this pair and sees out what happens.
But should prices here rises up, it should meet immediate resistance from the daily chart at 1.2297 and 1.2352
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