Market NewsTechnical Analysis

USD/CAD: Bull Finds a Fence; Buyers Wait for its Next Move

  • USD/CAD trades around the last week’s higher high
  • Simple Moving Average 30 has been a support
  • The H1 chart looks good for the buyers
  • Minor intraday charts have been bullish
USD/CAD H4 Chart
USD/CAD H4 Chart

USD/CAD Technical Analysis-H4 Chart

The pair has been bullish on the H4 chart for the last four weeks. The price had a rejection at 1.36380 last week. It made a bearish correction and consolidated around Simple Moving Average 30. Upon producing a bullish engulfing candle, the price headed towards the North again. As of writing, the pair trades around last week’s higher high. The price may consolidate around the level. A bullish breakout above the level may attract the buyers to go long in the pair again and push it towards the North further. The price may find its next resistance around 1.37000.

On the downside, if the chart produces a bearish engulfing candle, sellers may look to go short in the pair and drive it towards the South. However, unless it makes a bearish breakout at Simple Moving Average 30, we may not see Bear’s domination here.

USD/CAD H1 Chart
USD/CAD H1 Chart

Price Action Analysis-H1 Chart

The H1 chart shows that the price upon finding its horizontal support around 1.35950 made a strong bullish move. On its way, it made a momentous breakout at 1.36120 and continued its bullish journey for two more candles. As expected, the pair has found its resistance around 1.36380, which is the last week’s higher high. The pair may make a bearish correction in search of a support to get bullish again. The level of 1.36120 looks promising to hold the price as a level of support. The buyers may keep their eyes to go long from that level upon having a bullish reversal pattern.

The H4 and the H1 both charts look good for the buyers. They may keep their eyes on the pair to go long from the value areas. For the sellers, they may want to wait unless the pair shows strong bearishness on the H4 chart.

Written by: Md Tareq Sikder, Senior Analyst Forex Prop News

Contact and follow Tareq on Twitter: @tareqfpn

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Newsletter

Subscribe to ForexPropNews Trading Newsletters

Receive the best-curated content by our editors for the week ahead.

Mini Charts

Related Articles

Asia-Pacific Markets Dip on Tech Earnings and Economic Data

Asian markets fell as U.S. tech earnings disappointed. The Nikkei dropped 1.27%,...

Asian Stock Diverge as Wall Street Sees Strong Rebound

Asia-Pacific markets were mixed as Wall Street rebounded. Taiwan's Taiex surged 2.4%,...

Dollar Steady; Gold and Oil Prices Face Challenges: Market Focus

Quiet start to the week with no major news. DXY steadying around...

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets

Asia-Pacific markets declined on Friday, reflecting Wall Street’s tech stock sell-off. Japan’s...

Featured educational content

EXPLORE MORE

Featured educational content

New to Forex? Learn to Read Charts Like a Pro

Dive into forex trading basics: chart reading, candlesticks, technical indicators, timeframes, currency pairs. Start your journey to trading success today!

Video: How I Re-Programmed My Mind to be a Consistent Trader (Thanks to The Wolf of Wall Street)

How I Re-Programmed My Mind to be a Killer Trader (Thanks to The Wolf of Wall Street)

Video: This Invisible Trading Indicator Tells you What Day Trade (Not Just Price)

This Invisible Trading Indicator Tells you WHEN to Trade (Not Just Where)

Technical Analysis: Chart Patterns and Indicators for Profitable Investments

Navigate stocks with confidence using chart patterns like Head and Shoulders, indicators such as MACD, and tools like trendlines. Master technical analysis for...

Latest News

Asia-Pacific Markets Dip on Tech Earnings and Economic Data
Market News

Asia-Pacific Markets Dip on Tech Earnings and Economic Data

Asian markets fell as U.S. tech earnings disappointed. The Nikkei dropped 1.27%, Hang Seng down 0.83%, and EV stocks fell.

Asian Stock Diverge as Wall Street Sees Strong Rebound
Market News

Asian Stock Diverge as Wall Street Sees Strong Rebound

Asia-Pacific markets were mixed as Wall Street rebounded. Taiwan's Taiex surged 2.4%, while China's CSI 300 fell 1%.

Copyright © 2023 Forex Prop News. All Rights Reserved.