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GBP/USD Reaches Peak: Shorting Strategy for Bears

The bearish trend continues for USD/CAD as it hits resistance at 1.2641, signaling further decline ahead. Support levels to watch for are set at 1.2534 and 1.2500. Traders should keep an eye on the USDX for direction and brace for potential volatility.

by Mark Eisenberg
Wed, Jan 3, 2024 7:02pm
in Futures Analysis
• 3 mins read
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GBP/USD Reaches Peak: Shorting Strategy for Bears | FinOracle

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Bearish trend continues as USD/CAD hits resistance at 1.2641

The USD/CAD pair has been facing a bearish trend recently, and it seems like it is not willing to give up just yet. As the pair reached a crucial level of resistance at 1.2641, it was unable to break above it, indicating a continuation of the downtrend. This resistance level has been a major hurdle for the pair, and if it fails to break through it, we may see further decline in the coming days.

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