Market NewsTechnical Analysis

USD/CAD: The Bull Halts at a Fence, What’s next?

  • USD/CAD has been moving towards the North on the H4 chart.
  • The pair is traded above the simple moving average 30.
  • The H1 chart looks good for the buyers.
  • Intraday minor charts have been bullish to start the London Session.
USD/CAD H4 chart
USD/CAD H4 chart

USD/CAD -Technical Analysis- H4 chart

The chart shows that the pair had multiple bounces at 1.37880. At the last bounce, it produced a bullish inside bar. Since then, it has been heading towards the North. Moreover, the simple moving average 30 has been working as its support. Thus, the buyers may keep their eyes on the pair to go long. The level of 1.38300 may work as a resistance. A breakout above the level may generate more bullish momentum and push the price towards 1.38900.

On the contrary, if the price breaches the SMA 30 and confirms the breakout, the sellers may get themselves engaged to look for short opportunities. In that case, the price may find its support around 1.37350.

USD/CAD H1 chart
USD/CAD H1 chart

Price Action Analysis- H1 Chart

The chart shows that the price had a bounce at 1.38270 earlier. Upon producing a morning star, it headed towards the South. It found its horizontal support around 1.37750. It has been bullish since then. As of writing, the pair is traded around 1.38270 again. The buyers may wait for the price to make a bullish breakout to go long in the pair. The price may find its next resistance around 1.38550.

On the contrary, if the level works as a resistance and produces a bearish reversal pattern, the sellers may drive the price towards the South. In that case, the pair may find its support at the last swing around 1.37800.

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

Contact and follow Tareq on Twitter: @tareqfpn

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