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USD/CAD Price May Break Up $1.24 Resistance and Target $1.26 Level

Published on

January 30, 2023
Read Time:2 Minute, 17 Second

USD/CAD Worth Evaluation – June 29

Additional improve within the bulls’ stress might break up the resistance stage of $1.24 and the upside goal ranges might be $1.25 and $1.26 ranges.

USD/CAD Lengthy-term Development: Bearish (Every day Chart)

Key ranges:
Resistance Ranges: $1.26, 1.27, $1.28
Assist Ranges: $1.22, $1.21, $1.20

USD/CAD is bullish on the long-term outlook.  At first of this month, USD/CAD commences bullish pattern the place the bearish momentum positioned the worth on the assist stage of $1.20. On June 18, a bullish engulfing candle emerged; this bullish reversal sign made the bulls propel the worth to interrupt up the resistance ranges of $1.24. The extent couldn't maintain the worth however reasonably penetrated and the worth is uncovered to the assist stage of $1.23.

USD/CAD Worth Evaluation: Can this be a Pullback?

In line with the each day chart, the 9-day and 21-day transferring averages are separated and the worth is buying and selling above the 2 transferring averages; which signifies that the momentum of the patrons is growing. Nonetheless, additional improve within the bulls’ stress might break up the higher boundary of the channel and the upside goal ranges might be positioned on the resistance ranges of $1.24 and $1.25.

Moreover, in case the bulls improve their momentum over the bears, the upside goal ranges might be positioned at $1.26, $1.27, and $1.28. Nonetheless, the Relative Power Index (14) is transferring above 60-level with the sign line pointing up which signifies a purchase sign. Quite the opposite, if the bears have been in a position to break down the assist stage of $1.23 and the each day candle shut under the 9-day transferring common, it would lower the worth to $1.22 assist stage; the additional lower might possible push the foreign money pair to the assist ranges of $1.21 and $1.20 respectively.

USD/CAD Medium-term Development: Bullish (4H Chart)

USD/CAD is on the bullish motion on the 4-hour chart. The bullish pattern continues above the 9-day and 21-day transferring averages because the Relative Power Index (14) prepares to maneuver into the overbought zone. Nonetheless, if the bulls push up the market worth to check the resistance stage of $1.245, USD/CAD may touch the potential resistance at $1.248 and above.

On different hand, if the foreign money worth slide under the 9-day and 21-day transferring averages, this will likely trigger the worth to cross under the decrease boundary of the channel and open the door to the assist stage of $1.232 and under.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 30, 2023
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