Market NewsTechnical Analysis

USD/CAD: Bull Looks to Make a Move

USD/CAD Economic Indicators BoC
  • USD/CAD has been having a bullish correction on the H4 chart.
  • The SMA 30 has been working as a resistance.
  • The H1 chart looks bullish trading over yesterday’s high.
  • Intraday minor charts have been bullish.
USD/CAD H4 Chart
USD/CAD H4 Chart

USD/CAD -Technical Analysis- H4 Chart

The chart shows that the price after being bearish made a bullish correction. The chart produced a bearish engulfing candle right at the simple moving average 30’s resistance earlier. However, the sellers were not interested to sell the pair and drive it towards the South. Rather, it has headed towards the upside again. As of writing, the last candle closed right at the SMA 30’s resistance. A bearish reversal signal may attract the sellers this time to go short in the pair. The pair may find its next support around 1.33700.

On the contrary, if the price breaches the SMA 30, the buyers may wait for the price to confirm the breakout followed by a bullish reversal pattern to go long in the pair. The price may find its next resistance around 1.35850.

USD/CAD H1 Chart
USD/CAD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the pair trades above yesterday’s higher high. Additionally, it seems to have made a bullish breakout at 1.35070. It might end up being a significant breakout, which may attract the buyers to go long in the pair and push the price towards the North. The price may find its next resistance around 1.35600.

On the other hand, if the price goes below the horizontal level, the sellers may wait for the chart to produce a bearish reversal signal to go short in the pair. In that case, it may find its support around 1.34700.

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

Contact and follow Tareq on Twitter: @tareqfpn

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