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Market NewsTechnical Analysis

USD/CAD: Bull Heads towards the Moon

October 3, 20231 Mins read97 Views
  • USD/CAD has been very bullish on the H4 chart.
  • The H1 chart has been bullish having consolidation.
  • Intraday minor charts have been bullish.
USD/CAD H4 Chart
USD/CAD H4 Chart

USD/CAD- Technical Analysis- H4 Chart

The price has been heading towards the North in a hurry. It found its support around 1.34200 and produced a bullish engulfing candle. The candle closed well above 1.35240, where the price reacted several times. The buyers may have waited for the price to make a bearish correction to go long from that zone. However, that did not happen, but the price has kept heading towards the upside. As of writing, the chart suggests that the pair is consolidating within 1.36800-1.37280. The buyers may keep their close eyes on the pair to go long above 1.37280. The pair may find its next resistance around 1.38000.

On the downside, the sellers may stay away to make a trading decision based on the H4 chart. The way it has been heading towards the North, the buyers will go long in the pair from the value areas and push the price towards the North. Thus, the sellers may not find lucrative risk-reward on the pair for a while.

USD/CAD H1 Chart
USD/CAD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that it made a strong bullish move by having some consolidations. As of writing, it trades around 1.36900. The price had a bounce earlier at this level. Thus, it may hold the price again and produce a bullish reversal candle. A price breakout above the last swing high may attract the buyers again to push the price towards the North. The price may find its next resistance around 1.37650.

On the downside, if the price breaks the support level and confirms the breakout, the sellers may look to go short upon having a bearish reversal pattern. The price may find its support around 1.36500.

The way the pair has been moving, it is very less likely that the bear would show its strength soon. Thus, we may see that the bull dominate in the pair for some days.

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

Contact and follow Tareq on Twitter: @tareqfpn

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