Currently, USD/CAD is trading at 1.3124. The pair is trading in downward resistance and support channel and it may reverse back from here, as the price has already touched resistance level . The price may rebound back to the support level if it doesn’t break the resistance level at 1.3140. If the price goes below 1.3068 level then it may touch the support level at 1.2954. Do have a closer watch on this pair usually channel trades give a good risk/reward ratio.
Follow proper risk management strategy to avoid unnecessary losses and to increase profitability, don’t risk more than 2% of your capital on each trade.
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Rishikesh Lilawat has over seven years of experience in trading Forex and commodities markets, out of which three years in two investment banks as a professional Forex and commodities trader. He holds an M.B.A degree in finance and business analytics from the University of Pune. Realizing the central role of a trader and because of his personal and particular interest in trading, He built skills in market research, technical analysis, fundamental analysis, risk management, and fund management, etc and focus his efforts on communicating and sharing views on market trends and patterns.