FX.co ★ USD/CAD

USDCAD Long-Term Analysis: USD/CAD is now trading at 1.40057. Overshooting might put the consolidation level at 1.41357, the immediate barrier, in jeopardy. The final daily resistance may break over the upper midline of the Bollinger Bands at 1.40557, which will be a dominating range for buyers. The bulls would be able to sustain the strength of the broad swings in the 1.42057 region if there was a solid breach above this threshold. Positive mood and high-impact news data will monitor upward fundamentals, with more gains probably hitting the downside hurdle at 1.43457. A bullish crossing between the 50-day moving average and the 61.3% Fibonacci retracement level is one of the trend indicators that points to more upward momentum despite the significant swing in the 1.44257 region. The RSI is pointing slightly downward into positive territory, indicating a minor bias to move the attention around 1.39357, while the MACD oscillator is moving laterally over the zero level and heading toward the southern zone. The next level will cover immediate resistance inside the current goal area of 1.44957 if the market continues to rise over 1.42057. The long-term optimistic view is expected to be supported by any advance above this level, maintaining price volatility in the 1.45607 region. In addition to maintaining a bullish foundation around the 100-day SMA at 1.47057, traders must have a money management strategy. The last ending candle on the 4-hour time period created a bullish harmonic candlestick formation, and a buyer revolution drove the price to around 1.41057. As we can see, the massive divergence in the US dollar index will first break through the near-term resistance at 1.37057 before breaking through the lower midline rail at 1.39657. The overall view is still optimistic, but a break below the short-term moving average might lead to support around 1.36347 before continuing the slide to 1.35057. The outlook might become negative if it breaks below the 25-day and 50-day SMAs, which are located around 1.34357. Confirmation will be indicated at 1.38057 by the high-impact news data and negative sentiment on the MACD and Bollinger midlines. This will be followed by an upward reversible reversal after the weekly and daily pivot point around 1.43057.