Market NewsTechnical Analysis

USD/CAD: Bull Roams around a Key Support

USD/CAD Economic Indicators BoC
  • USD/CAD has been choppy on the H4 chart.
  • The SMA 30 has been working as a support.
  • The H1 chart looks bullish having its second bounce at today’s low.
  • 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 has been consolidating around the simple moving average 30 and a horizontal support at 1.33400. As of writing, the chart has already produced a doji candle. The current candle has been bullish. If it ends up being a bullish engulfing candle, the buyers may push the price towards the upside. The price may find its next resistance around 1.34800.

On the contrary, if the chart makes a breach at the SMA 30’s support, the sellers may consider going short in the pair and drive it towards the South. The price may find its next support around the swing low at 1.31800.

USD/CAD H1 chart
USD/CAD H1 chart

Price Action Analysis- H1 Chart

The chart shows that the price consolidated at 1.33400 for a while. Upon producing a doji candle, it has been heading towards the North with good momentum. However, considering the last move, the chart suggests that the sellers may keep their eyes on the pair to go short below the level of 1.33400. In case of a bearish breakout, the price may find its next support around 1.32900.

On the upside, if the price continues to go towards the North, the buyers may wait for the price to consolidate and produce a bullish signal to go long in the pair. The level of 1.34000 may work as a level of resistance.

Considering the H1 chart, it looks slightly bearish biased. However, the H4 chart looks good for the buyers. Thus, the pair may get bullish today. However, a breakout at the key support may change the whole scenario.

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Your email address will not be published.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.