FX.co ★ USD/CAD

Over the course of the past two weeks, there has been a gradual decline in prices observed within the hour-4 time frame, hinting at a potential imminent price surge. This suggests a probable re-entry point into the market and an opportunity to resume its downward trajectory within a conducive market environment. Furthermore, the absence of significant movements or notable shifts among traders indicates a potential resurgence in upward momentum. However, it's crucial to note that this pattern has yet to be entirely confirmed, as the resistance line is currently delineating its stance against the support line. Additionally, the price remains positioned below the EMA 100, reinforcing its bearish sentiment. Although specific corrections temporarily propelled the price above the 200 EMA, recent developments have seen a resumption of the downward trend, prompting concerns. At present, the USDCAD pair is striving to breach the formidable resistance of the 100 EMA amid ongoing corrective movements.The current price of USD/CAD maintains its position above 1.3680, with the weekly resistance observed at the 63.3% Fibonacci retracement level, precisely at 1.3670. Should this critical threshold be breached, there is anticipation of a downward movement below the 50-day simple moving average, resting at 1.3710. It's noteworthy that until the bullish line at 1.3595 is surpassed, the potential for further gains persists above the resistance zone of 1.3700. Additionally, a bullish pattern has materialized around 1.3600, driven by favourable price action. While the MACD shows a crossover with the dotted line, it has yet to intersect the middle line, indicating a nuanced market sentiment. Concurrently, the RSI remains in bullish territory, reflecting ongoing positive momentum. I am dedicated to providing valuable analyses reflective of prevailing market conditions, striving to ensure the benefit of all members. Your continued support and engagement are greatly appreciated, and I trust you're deriving profitable insights from our research endeavours.

The preceding fortnight has witnessed a gradual decline in prices within the hour-4 time frame, suggesting a potential impending price surge and signaling a possible re-entry point into the market. This also presents an opportunity to resume its downward trajectory within a favorable market environment. Furthermore, the lack of significant movements or notable shifts among traders implies a potential resurgence in upward momentum. However, it's essential to acknowledge that this pattern has yet to be fully confirmed, as the resistance line currently opposes the support line. Moreover, the price remains positioned below the EMA 100, reinforcing its bearish sentiment. Although certain corrections briefly pushed the price above the 200 EMA, recent developments have seen a return to the downward trend, raising concerns. Currently, the USDCAD pair is striving to breach the formidable resistance of the 100 EMA amid ongoing corrective movements.The current USD/CAD price maintains its position above 1.3680, with the weekly resistance located at the 63.3% Fibonacci retracement level, precisely at 1.3670. If this critical threshold is breached, a downward movement below the 50-day simple moving average at 1.3710 is anticipated. It's important to note that until the bullish line at 1.3595 is surpassed, the potential for further gains remains above the resistance zone of 1.3700. Additionally, a bullish pattern has emerged around 1.3600, driven by favorable price action. Although the MACD shows a crossover with the dotted line, it has not yet intersected the middle line, indicating a nuanced market sentiment. Meanwhile, the RSI remains in bullish territory, reflecting ongoing positive momentum. I am committed to providing valuable analyses reflective of prevailing market conditions, ensuring the benefit of all members. Your continued support and engagement are greatly appreciated, and I trust you're deriving profitable insights from our research endeavors.