Canadian Greenback Forecast
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USD/CAD – Change of Course
Final week, USD/CAD consumers misplaced momentum earlier than testing the Oct three excessive at 1.3348. Consequently, the value reversed path then fell to 1.3171 – its lowest stage in over 5 weeks. On Friday, the weekly candlestick closed with a zero.eight% loss.
Alongside this, the Relative Power Index (RSI) dropped under 50 stage highlighting the tip of purchaser’s domination.
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USD/CAD DAILY PRICE CHART (DEC 1, 2017 – OCT 15, 2019) Zoomed Out
USD/CAD DAILY PRICE CHART (Might 27– Oct 15, 2019) Zoomed In
From the day by day chart, we discover on Friday USD/CAD declined to decrease buying and selling zone 1.3166 – 1.3256. On Monday, the pair recovered among the losses nonetheless, remained buying and selling under 50 -Day common.
Thus, an in depth under the low finish of the zone, might improve the chance of ending present sideways transfer and press USDCAD in direction of 1.3064. Though, the neckline of the double prime sample mentioned in our final replace positioned at 1.3134 in addion to the weekly assist space and stage marked on the chart (zoomed in) needs to be thought-about.
That mentioned, an in depth above the excessive finish of the zone might imply a continuation of the sideways transfer and ship USDCAD in direction of 1.3357. Nonetheless, the day by day resistance ranges at 1.3317 and the Oct three excessive at 1.3348 could be value monitoring.
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USD/CAD 4 hour PRICE CHART (AUG 29 – Oct 15, 2019)
Wanting on the four- hour chart, we discover on Thursday USD/CAD rebounded from 1.3346. Within the following day, the value fell sharply and broke under the Oct 2 low at 1.3206.
Therefore, a break under 1.3185 might see USDCAD buying and selling even decrease in direction of 1.3134. Nonetheless, the low finish of the aforementioned buying and selling zone needs to be watched carefully. However, a break above 1.3280 might push USDCAD in direction of 1.3317. Nevertheless, the weekly resistance stage underlined on the chart needs to be saved in focus.
See the chart to know extra about key ranges to watch in an extra bullish/bearish transfer.
Written By: Mahmoud Alkudsi
Please be happy to contact me on Twitter: @Malkudsi