FX.co ★ USD/CAD

USDCAD 4-Hour Analysis: Good morning! The 4-hour candlestick time frame of the US dollar/Canadian dollar (Bid) market clearly shows a bullish push, with higher highs and higher lows and a well-organized market structure. In contrast to the low price of 1.39757, the price has been gradually rising over the last several weeks, and this pattern has continued for some time. But the price is now stuck in the 1.40057 price range due to significant opposition. This chart pattern indicates that a head and shoulders pattern will soon emerge, which may then be utilized as a guide to enter the market at the right moment. In other words, it had already been adjusted, reached a swing low in the 1.40457 price range, and then increased. But the opposition persisted, and there was a rejection reaction that might be reversed once again. Additionally, it is important to keep a careful eye on the current strength of the DXY, which is trying to strengthen once again but is still unable to climb since it is locked at strong resistance at the extent of 104.35. Recent market movements were depressing despite buyer resistance, but the price has subsequently fallen again. This chart pattern suggests that a head and shoulders pattern would soon appear, which could then be used as a guide to enter the market at the appropriate time. As the price gets closer to the 1.39107 support level, we will watch for any potential reaction. As it tests the 1.38757 support level, the market is now going negatively.