Market NewsTechnical Analysis

USD/CAD: The Buyers are Having a Feast

  • USD/CAD has been bullish on the H4 chart.
  • The pair has had a bounce at the SMA 30’s support.
  • The H1 chart looks bullish may make a bearish correction.
  • Intraday minor charts have been bullish in the New York Session.
USD/CAD H4 Chart
USD/CAD H4 Chart

USD/CAD- Technical Analysis-H4 Chart

The chart shows that the price has been heading towards the North with decent bullish momentum. The simple moving average 30 has been working as a support. The price had several bounces. Thus, the buyers have been very keen to get bullish reversal pattern at the SMA 30 to go long in the pair. At the last bounce, the pair produced a bullish Marubozu candle. The next candle closes with a strong bullish tone. As of writing, the price seems to be having consolidation. However, the buyers will be on their toes to go long in the pair upon having a bullish reversal candle at the value areas. The price may find its next resistance around 1.39500.

On the downside, the sellers may wait for the price to find a strong resistance followed by a bearish reversal pattern to go short in the pair. A breakout below the SMA 30’s support may drive the price towards the South. 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 has been heading towards the North with extreme bullish momentum upon finding its support around 1.38100. On its way, it has breached 1.38780. As of writing, the pair trades above the level. Thus, the buyers may be very keen to keep an eye on the pair to go long around that broken level. A bullish reversal pattern may push the price towards the North again. The price may find its resistance around 1.39200.

On the contrary, if the price breaches the support level oat 1.38780, the sellers may get some short opportunities. However, the move may not be a long one.

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

Contact and follow Tareq on Twitter: @tareqfpn

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