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USD/CAD – Downtrend Nonetheless intact
On Oct 29, USD/CAD bounced from 1.3042- its lowest stage in over three months. The worth rallied after then settled above 1.3100 deal with. On Friday, the pair closed within the inexperienced for the primary time in three weeks.
The Relative Power Index (RSI) rose from 31 nonetheless, has not been in a position to cross above 50 highlighting purchaser’s lack of momentum to kick begin uptrend transfer.
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USD/CAD DAILY PRICE CHART (DEC 18, 2017 – Nov 5, 2019) Zoomed Out
USD/CAD DAILY PRICE CHART (July 15– Nov 5, 2019) Zoomed In
From the each day chart, we discover on Thursday the pair’s rally paused. On the next day, the value decliend to a decrease buying and selling zone 1.3064 – 1.3166. Subsequently, USD/CAD could possibly be on its means for a check of the low finish of the zone.
Additional shut beneath the low finish of the zone may embolden sellers to press USDCAD decrease in direction of the neighborhood of 1.3016-08. Though, each day and weekly help ranges underlined on the chart (zoomed in) needs to be thought-about.
That mentioned, any failure in closing beneath the low finish may reverse present path sending USDCAD in direction of the excessive finish of the zone. Additional shut above the excessive finish may even see the value pushing in direction of the neighborhood of 1.3256-64. Nevertheless, the weekly resistance space marked on the chart ought to keep in focus.
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USD/CAD 4 hour PRICE CHART (Sep 24 – Nov 5, 2019)
Wanting on the four- hour chart, we discover on Oct 30 USD/CAD corrected increased creating the next low at 1.3074 with sellers probably taking income. Nevertheless, patrons couldn’t make the most of this chance as the value created a on Nov 1 a decrease excessive and caught in a sideways transfer.
Therefore, a break beneath 1.3109 may ship USDCAD in direction of the low finish of the aforementioned buying and selling zone. However, the each day help stage underlined on the chart needs to be monitored. On the opposite aspect, if USDCAD breaks above 1.3214 this might lead the value in direction of 1.3256. In that situation, the weekly resistance stage underscored on the chart needs to be watched carefully.
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