SimpleFX USDCAD Chart Analysis: October 17, 2019

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We see price movement within the green channel from its upper to lower bound. During this movement, the moving average was broken below, which acted as a support for the price. This may indicate that the bears have the potential to decline, so it is possible for the price to reach the support level of 1.309, which is at the lower bound of the green channel. However, if the moving average line breaks above the level of 1.324, the market growth is possible to the resistance level of 1.333, which is located on the upper green bound.

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