Technical analysis of USDCAD Today I choose USD/CAD for technical analysis, the current market price is bearish. If the market price successfully breaks through the resistance level, the market price exits the channel, and then market price moves to the next resistance level is1.4461. Technically, after closing above the 50-day simple moving average, the market price should be able to break through the resistance and move toward the target direction. The market price is already above the support level, if this market price re-enters the channel, the price fight will rise to the support level, but it is very unlikely. The current market price is in a upward channel. By breaking the upward trend, the market price closes below and may fall after retest the resistance level. {"data-align":"none","data-size":"custom","data-tempid":"temp_5044552_1734810995081_63","height":"557","width":"1181"} Technically, the market price should move towards the next resistance at 1.4571. Now I think the market price will rise, so I buy at the 1.4346 support level. If the market price appears in the USDCAD 1-hour time frame, it will fall twice and break the channel that caused the market price to fall. The market price is above the upper channel and the 50-day simple moving average. Also, look at the 200-day simple moving average on this chart, which sits above the market and below market resistance. The RSI indicator is between 30 and 70, which is at 47. The RSI indicator is expected to fall back to the market support level. If the market breaks the resistance level, it will continue upward.
The indicator used in this chart : 50-day simple moving average color Navy: 200-day simple moving average color Chocolate: RSI indicator period 14: 
