USDCAD currently trading at 1.40200 in London session. Our analysts are finding a long opportunity on USDCAD after having look at both daily and h4 timeframe. As we already know Trump has announced to put more tariffs on China to revenge the COVID-19 effect and also to withdraw the military source from Saudis. He is also blaming China for spreading the virus. Senior U.S. officials are started to explore proposals for punishing financial compensation from China for its handling of the coronavirus pandemic which might cause weakening the Canadian dollar.
As we can see USDCAD has formed a nice double bottom at the daily chart. The next resistance is seen at 1.42500 and 1.45500 respectively.
If we look at the 4-hour timeframe USDCAD has broken the trendline and challenging the next resistance at 1.40600. We are bullish on USDCAD. One the other hand, any break below 1.39500 will remove the bullishness.
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This trading analysis is only for getting an idea about the current market situation. This is not a signal. These can be used for education purposes only.