Yesterday, the Canadian dollar experienced significant volatility, moving within a range of 170 pips. However, it ultimately consolidated above the resistance level of 1.4464 and began today with further gains. This upward movement was influenced by falling oil prices.
The Marlin oscillator indicates sluggish growth within the positive territory. We anticipate that the pair will move toward the target level of 1.4667, from which a deeper correction may occur. After this correction, the pair is likely to continue rising toward the upper limit of the green price channel around 1.4804.
On the four-hour chart, the price consolidated above the 1.4464 level, providing a foundation for further growth. However, due to the significant distance from the MACD line, a temporary price consolidation at this level is possible to allow the indicator line to get closer to the price.
