T E C H N I C A L _ A N A L Y S I S U S D / C A D Good morning members and guests of the forum . Hopefully, we can still get better profits, especially in USD/CAD itself which is one of the major pairs with a lot of daily users. USD/CAD is trading at 1.3980 at the time of writing. If you look at the pattern formed by USD/CAD, yes I think there is a possibility that USD/CAD today will increase to experience a correction at least towards the supply area at 1.4071. The Relative Strength Index (RSI) reading is somewhere around 59.6168. At the same time, USD/CAD also experiencing a bearish correction because the moving average convergence divergence (MACD) indicator still points upwards. Also, looking at the 50-day moving average line and the 20-day moving average line, the price is just above the 50-day Moving Average line, which is at 1.3570.
There is an influential resistance level at 1.4071 which is the 1st level of resistance. If the price breaks this horizontal resistance line today, the market will continue its uptrend and move to the next resistance level at 1.4706. After that, I think the buyer's strength still has the potential to bring the price higher to target the 1.6094 level which is the 3rd level of resistance. On the other hand, the focus will be on immediate support at 1.3162. Unless the market price breaks the support at 1.3162, the price cannot decline to the next support at 1.2048 in the coming period. After that, if the market breaks the second level of resistance, it will continue downward towards the 3rd level of support. Kindly leave me your thoughts in the comments section below. Have a wonderful day friends.
The indicators used in the chart: MACD indicator: RSI indicator period 14: 50-day exponential moving average color Orange: 20-day exponential moving average color Magenta: 
