USD/CAD Rejected at Key Resistance, Eyes on Assist- USD vs Canadian Greenback Forecast

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USD Forecast

USD Forecast

Advisable by Mahmoud Alkudsi

Obtain our recent Q1 USD Forecast

USD/CAD – Sellers Maintain Hearth

Final week, USD/CAD printed 1.2951 -its lowest degree in over fourteen months. Nonetheless, the value rallied after as some sellers took revenue. On Friday, the value closed within the purple with a zero.6% loss. This week, extra sellers exited the market permitting the pair to rally additional.

Alongside that, the Relative Energy Index (RSI) deserted oversold territory. Nonetheless, the oscillator remained beneath 50 reflecting paused downtrend momentum.

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USD/CAD DAILY PRICE CHART (Jan 5, 2018 – Jan 10, 2020) Zoomed Out

usdcad price daily chart 10-01-20 Zoomed out

USD/CAD DAILY PRICE CHART (JuLY 17– Jan 10, 2020) Zoomed In

usdcad price daily chart 10-01-20 Zoomed in

From the each day chart, we discover on Wednesday USD/CAD rallied to the next buying and selling zone 1.3015 – 1.3104. Yesterday, the value rebounded from the excessive finish of the zone and this led the pair to level decrease eyeing a check of the low finish of it.

An in depth blow the low finish of the zone could encourage sellers to ship USDCAD in direction of 1.2951. Additional shut beneath this degree may persuade extra sellers to affix the market and press in direction of 1.2836. In that situation, the each day and weekly assist ranges needs to be thought of as some market members may exit their trades at these factors.

However, an in depth above the excessive finish of the zone could lead extra sellers to exit the market. This opens the door for consumers to push USDCAD in direction of the neighborhood of 1.3220-26. That mentioned, a particular consideration needs to be paid to the weekly resistance degree and space marked on the chart.

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USD/CAD 4 hour PRICE CHART (July 17 – Jan 10, 2020)

usdcad four-hour chart chart 10-01-20

Wanting on the four- hour chart, we discover on Tuesday USD/CAD ended its sideways transfer and began uptrend transfer creating the next excessive with the next low. The value may check right this moment the downtrend line originated from the Dec 13 excessive at 1.3205. Present uptrend transfer would possible proceed if the value breaks and stays above the downtrend line.

Thus, a break above 1.3119 could trigger a rally in direction of 1.3160. But, the weekly resistance degree underlined on the chart needs to be watched intently. On the flip aspect, a break beneath 1.3000 deal with may lead USDCAD in direction of 1.2955. Though, the each day assist degree underscored 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.

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Written By: Mahmoud Alkudsi

Please be happy to contact me on Twitter: @Malkudsi

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