USDCAD Daily Analysis – Tuesday, April 17

USDCAD remains in the downtrend from 1.2943, the bounce from 1.2544 could be treated as consolidation for the downtrend. Support is at 1.2544, a breakdown below this level could trigger another downside movement towards 1.2450 area.

Near-term resistance is at 1.2625, only a break of this level could bring the price back towards the falling trend line on the 4-hour chart. Only a clear break above the trend line resistance could signal completion of the downtrend.

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Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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