FX.co ★ USD/CAD

USDCAD M15 Chart Analysis: Our discussion focuses on the current real-time assessment of the pricing of the USD/CAD currency pair. As the new trading week gets underway with muted activity, the Canadian dollar (CAD) stays steady, trading narrowly across the board. Before retreating to about 1.38270, the USD/CAD pair briefly reached an intraday top of 1.38370. While long-term momentum exhibits an upward trend, bolstered by trading above the 50-day exponential moving average (EMA) at 1.37670, intraday trade is subdued at the upper supply zone above 1.38570. Despite continuing on an upward trend line from the December low below 1.3200, the pair has not been able to set new highs since peaking at 1.39330 in mid-April. Positive market conditions are indicated by technical indicators. I expect more downward action into the lower range boundaries on the weekly chart given the pair's recent placement close to the middle of the weekly range and the strong selling pressure shown. My prediction of further decrease is strengthened by a bullish candle on the weekly chart, which indicates a possible clearing of seller stops inside the range. The deterioration's zigzag pattern suggests that selling pressure is still being absorbed. Further negative potential is suggested by breaking below support at 1.37529, potentially aiming for support at 1.36471. The negative direction of the linear regression channel on the M-15 chart indicates that sellers are more active. But as the market rises over the upper edge of the 1.38402 range, bullish activity continues. This validates my research, which favors purchasing opportunities in line with the current bullish trend. The goal of buyers is probably to test the level of 1.38645, where more selling activity could lead to profit-taking. Depending on the state of the market, holding positions for possible medium-term swings on the H4 chart may be necessary.