Market News

USD/CAD: Is the Pair Changing Its Route?

USDCAD BoC Economic Indicators
  • USD/CAD has had its second bounce at 1.31850.
  • The pair breached the SMA 30’s resistance and confirmed it.
  • The H1chart looks to find its next direction.
  • 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 for a long time had a bounce at 1.31850 earlier. It made a move towards the North and came back again. Upon producing a bullish inside bar, it has been heading towards the North. Since the pair trades above the simple moving average 30, the buyers may look to go long and push the price towards the upside. The price may find its next resistance around 1.33600. The chart shows that there is enough space for the price to travel towards the North. Thus, we may see a long bullish move on the H4 chart.

On the contrary, if the price breaches the level of 1.31850, the pair may continue its bearish move and make a new lower low.

USD/CAD H1 chart
USD/CAD H1 chart

Price Action Analysis- H1 Chart

The chart shows that the price had multiple bounces at 1.31850. At the last bounce, it produced a bullish inside bar. Since then, it has been heading towards the North. As of writing, the level of 1.32560 has been working as a resistance. The price may consolidate here for a while. If it breaches the level, the buyers may push the price towards 1.33000.

On the contrary, if the level of 1.32560 works as a resistance and ends up producing a bearish reversal pattern, the seller may drive the price towards 1.31850.

Considering both charts, it seems that the pair may get bullish and remain bullish on the H4 and H1 chart for some days.

Written by: Md Tareq Sikder, Senior Analyst Forex Prop News Contact and follow Tareq on Twitter: @tareqfpn

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