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USD/CAD – From Trendless to Downward
On Sep 10, USD/CAD created a decrease low at 1.3134. Within the following week the pair created on Wednesday a decrease excessive at 1.3310 shifting the value’s course to the draw back.
Alongside this, the Relative Power Index (RSI) Fell from 55 then remained flat close by 50 reflecting purchaser’s lack of momentum.
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USD/CAD DAILY PRICE CHART (April 12 – Sep 24, 2019) Zoomed Out
USD/CAD DAILY PRICE CHART (JUly 15 – Sep 24, 2019) Zoomed In
From the day by day chart, we discover USD/CAD proceed its transfer based on the sample mentioned in our final replace: Consolidation – Peak and decline- Rally adopted by reversal, test the chart (zoomed out).
Final week USDCAD rallied to the buying and selling zone 1.3256- 1.3357. Since then sellers failed in a number of events to press the value to a decrease zone. That stated, any shut beneath the low finish of the zone may ship the pair in direction of 1.3166. Additional shut beneath this stage might resume bearish value motion in direction of 1.3064. Though, the weekly assist areas and ranges underlined on the chart (zoomed in) ought to be watched alongside the best way.
On the flip-side, an in depth above the low finish of the zone may imply the extra of the identical i.e. value might maintain buying and selling ineffectively eyeing a check of the excessive finish. Additional shut above the excessive finish may see more practical buying and selling in direction of the neighborhood of 1.3418-22.
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USD/CAD FOUR-HOUR PRICE CHART (SEP four – SEP 24, 2019)
Wanting on the four-hour chart, we discover since Sep 12 USD/CAD has been buying and selling to the upside creating larger highs with larger lows. Yesterday, the value rallied to 1.3305 then dropped creating the second prime of double prime sample the place the neckline resides at 1.3242.
Therefore, if the value breaks and stays beneath the neckline this might ship USDCAD in direction of 1.3166 though, the weekly assist space at 1.3215-12 could be price monitoring.
Then again, any rally above the second prime would negate the sample. Thus, a break above 1.3318 may see USDCAD buying and selling in direction of 1.3357. Nonetheless, the weekly resistance stage underscored on the chart ought to be thought-about.
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Written By: Mahmoud Alkudsi
Please be at liberty to contact me on Twitter: @Malkudsi