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USD/CAD – Purchaser’s Wrestle
Initially of this week, USD/CAD opened with a spot to the draw back at 1.3212. Nevertheless, the worth recovered all of the losses and rallied above 1.3300 deal with within the following days.
Alongside this the Relative Power Index (RSI) stayed above 50 emphasizing the uptrend transfer continues to be intact. That stated, the oscillator failed once more close by 55 then remained flat after, reflecting a slowing uptrend momentum.
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USD/CAD DAILY PRICE CHART (April 12 – Sep 20, 2019) Zoomed Out
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USD/CAD DAILY PRICE CHART (JUly 11 – Sep 20, 2019) Zoomed In
From the each day chart, we discover USD/CAD is at present shifting equally to the best way the pair has been shifting earlier than July 15. The sample was: Consolidation – Peak and decline- Rally adopted by reversal, see the chart (zoomed out).
On Wednesday, USDCAD moved efficiently to a better buying and selling zone 1.3256 – 1.3356. The value yesterday examined buying and selling in a decrease zone nonetheless, reverted again to the aforementioned buying and selling zone.
Therefore, the pair could also be on its approach for a check of the excessive finish of the zone contingent on clearing the weekly resistance space underlined on the chart (zoomed in). Additional shut above the excessive finish might push USDCAD in the direction of the neighborhood of 1.3418-22. That stated, the weekly resistance space marked on the chart must be saved in focus.
On the flip facet, a profitable shut under the low finish of the zone might press USDCAD in the direction of 1.3166. Nonetheless, the each day help space marked on the chart can be value monitoring.
USD/CAD 4-HOUR PRICE CHART (Sep 2 – Sep 20, 2019)
Wanting on the four-hour chart, we discover this week USD/CAD has been leaning to the upside creating on Tuesday a excessive then a better excessive on Wednesday, with a low adopted by increased lows.
Thus, a break above Wednesday’s excessive might resume bullish worth motion i.e. any rally above 1.3318 might push USDCAD in the direction of 1.3357. Nevertheless, consumers would wish to think about the weekly resistance degree underscored on the chart. See the chart to know extra about increased resistance ranges worth would check in an additional bullish situation.
Then again, sellers might take the initiative if USDCAD falls under Tuesday’s low. Due to this fact, any break under 1.3215 would possibly ship the worth in the direction of 1.3183. Though, the weekly help underlined on the chart must be monitored. See the chart to search out out extra about decrease help ranges worth would encounter in an additional bearish situation
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Written By: Mahmoud Alkudsi
Please be happy to contact me on Twitter: @Malkudsi