Canadian Greenback Technical Evaluation
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USD/CAD – Paused Uptrend Momentum
On Nov 20, USD/CAD rallied to 1.3327 – its highest stage in six weeks. Later, the worth slipped again then settled close by 1.3300 deal with. This week, the worth has not been capable of revisit the final week’s excessive, indicating that much less patrons had been becoming a member of the market.
The Relative Power Index (RSI) remained flat above 50, indicating to a paused uptrend momentum.
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USD/CAD DAILY PRICE CHART (Sep 1, 2017 – Nov 29, 2019) Zoomed Out
USD/CAD DAILY PRICE CHART (June 18– Nov 29, 2019) Zoomed In
From the each day chart, we discover on Nov 22 USD/CAD rebounded close by the low finish of present buying and selling zone 1.3256 -1.3357. Highlighting, majority of patrons continued holding their positions. This triggered the worth to rally once more eyeing a check of the excessive finish of the zone.
Thus, a detailed above the excessive finish of the zone might persuade extra patrons to hitch the market and to push in the direction of the neighborhood of 1.3418-22. In that state of affairs, the uptrend transfer might weaken on the weekly resistance ranges underlined on the chart (zoomed in) as some patrons might take revenue at these factors.
In flip, a detailed under the low finish of the zone might open the door for sellers to take the lead and press in the direction of the neighborhood of 1.3166-59. Nonetheless, some sellers could select to exit the market on the weekly assist ranges underscored on the chart.
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USD/CAD 4 hour PRICE CHART (Nov 6 – Nov 29, 2019)
Trying on the four- hour chart, we discover since Nov 20 USD/CAD’s buying and selling vary has been narrowing. At the moment, the pair develops a pennant sample. This means the worth would rally in the direction of 1.3429 contingent on breaking and remaining above the higher line of the pennant.
Therefore, a break above 1.3319 might push USDCAD in the direction of the excessive finish of buying and selling zone mentioned above on the each day chart. Though, the weekly resistance stage marked on the chart must be thought-about. On the flip-side, a break under 1.3247 might ship the worth in the direction of 1.3215. But, the assist stage at 1.3235 must be monitored.
See the chart to know extra about key ranges to observe in an extra bullish/bearish transfer.
Written By: Mahmoud Alkudsi
Please be at liberty to contact me on Twitter: @Malkudsi