FX.co ★ USD/CAD

USD/CAD Key Price Momentum The discussion is on the research of the price behaviour of the USD/CAD currency pair in the present study. The Canadian dollar has two options based on the way it trades around the 1.40042 level. If the price breaks this level, we can see a move to 1.42692, 1.44512 or even 1.46322. However, a bounce here could set up a move lower. Upward progress is backed by the average price lines lined up to support a rise. The oscillator histogram shows a bearish split, showing a possible drop. The recent sharp move back up to a key level says buying pressure may soon overwhelm the efforts of sellers. The main positive move was accelerated near the 1.3840-1.3860 region, where USDCAD broke the previous support levels. The pair stayed in the bid zone of 1.3900 as it continued to move higher. The moving averages are now in a strong situation with the short-term average above the longer-term averages. This shows the overall trend in H1 stays up. Price had a small decline after hitting the 1.3910-1.3920 resistance zone. Sellers tried to push the market lower, but the drop was stopped. The latest candles are showing that buyers are coming back to protect the higher levels, which is a sign of bullish sentiment still being there. War news will also have a major effect on USD/CAD due to crude oil. On the daily chart for USD/CAD, the pair was in a range, moving between resistance and support levels. Eventually it broke the bullish direction and touched the opposite weekly chart border, sparking the sellers’ limits and causing a fall. The pair dropped to 1.35032 on this move, found support there and bounced back towards the upper price limit at 1.36472. At these levels the pair began to pick up volume, suggesting the continuation of the downturn, which was confirmed by a fall to fresh lows. This was followed by a big volume spike on the weekly chart, showing sellers may still be in play, but the pair has moved higher, likely taking out the stops of sellers. The pair is near the upper weekly limit and may rise to 1.41122. There it may trigger additional stop-loss orders before dropping to support at 1.32800.