No changed in our view, USDCAD remains in uptrend from 1.0810 (Aug 29 low), the fall from 1.1385 would possibly be consolidation of the uptrend.
Deeper decline is still possible, and the target would be at 1.1150 area.
Resistance is at 1.1300, a break above this level will indicate that the uptrend from 1.0810 has resumed, then another rise towards 1.1500 could be seen.
Editor’s Note: Equity investors/traders can use the CurrencyShares Canadian Dollar Trust (FXC, quote) ETF to take positions in the euro without a FOREX account.
The ETF looks to track the price of the euro (USDCAD), minus ETF fee. The fund seeks to reflect the price of the Canadian Dollar with the shares representing a cost-effective investment relative to investing in the FOREX market.
Content curiosity of FOREXCycle
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