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CAD Technical Analysis

This is a discussion on CAD Technical Analysis within the Forex Trading forums, part of the Trading Forum category; Looking at the daily chart we notice USD/CAD eying the higher end of the mentioned consolidation zone however, the pair ...

      
   
  1. #81
    Senior Member TechnoMeter's Avatar
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    USD/CAD Price - ranging to the bullish reversal

    Looking at the daily chart we notice USD/CAD eying the higher end of the mentioned consolidation zone however, the pair needs to clear 1.3457. Therefore, any failure to close above this level may send the price to retest 1.3377.
    Its worth noting that any close below 1.3377 may lead USD/CAD towards 1.3289. Although the weekly support levels at 1.3358 and 1.3332 should be watched closely.

    CAD Technical Analysis-usdcad-d1-metaquotes-software-corp-3.png


    Looking at the four-hour chart, we notice on Jun 11 USD/CAD found support at 1.3250 and started an uptrend creating higher highs with higher lows. However, since the start of this week this trend has paused reflecting bulls’ reluctance to continue pushing higher.

    Uptrend could start to accelerate if USD/CAD breaks above 1.3457 this could lead the pair towards 1.3493 however, weekly resistance level at 1.3476 need to be kept in focus. On the other hand, the pair’s outlook could shift if USD/CAD breaks below 1.3393 (the weekly low). This suggests the price trade even lower towards 1.3358 contingent on clearing the weekly support at 1.3377. See the chart for more key levels if the selloff continues below 1.3358.

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  2. #82
    Senior Member TechnoMeter's Avatar
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    USD/CAD: Bear Market Rally

    On Thursday USD/CAD tested it lowest levels in nearly nine months however, the price rallied after then closed with a Doji pattern, reflecting the market indecision at this stage. At the start of this week the price continued its ineffective move.

    CAD Technical Analysis-usdcad-d1-fx-choice-limited.png


    Yesterday, the Relative Strength Index (RSI) pointed higher then stopped before crossing 50 emphasizing exhausted sellers on one hand, and the lack of momentum form the buyers to kick start an uptrend move on the other.

    Looking at the daily chart we notice today USD/CAD has tested its higher level in nearly two weeks, and currently trading in the higher trading zone 1.3126 – 1.3166. Therefore, a close above the low-end of this zone could send the pair towards the high-end however, the weekly resistance at 1.3145 needs to be monitored.

    Further bullish close above the high-end of the zone may push the price towards 1.3224 nonetheless, the weekly resistance area highlighted on the chart should be considered.

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  3. #83
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