USD/CAD Market Analysis 2
Comprehensive market analysis of USD/CAD, highlighting bullish trends and potential targets. This post covers hourly, 4-hour, and daily chart analysis, key support and resistance levels, and technical indicators. Ideal for traders looking for insights and strategic entry points.
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Hourly Chart Analysis USD/CAD by Fourtrades on TradingView.com
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1. Hourly Chart Analysis
On the hourly chart, USD/CAD has been moving within a rising channel, characterized by higher highs and higher lows. The price is currently testing the lower boundary of the channel around the 1.3800 level. If the price holds above this support, we could see a continuation of the bullish trend, potentially targeting the upper boundary near 1.3880. However, a break below the channel could lead to a deeper correction, targeting the support zone around 1.3740-1.3760.
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2. 4-Hour Chart Analysis
The 4-hour chart shows a strong uptrend with USD/CAD reaching highs near 1.3830. The RSI is currently around 61, indicating bullish momentum but with a potential for a slight pullback. Key support levels to watch are around 1.3750 and 1.3720. If the price can hold above these levels, we may see further upside towards 1.3850 and 1.3900. However, if the support fails, a deeper correction towards 1.3700 could be on the cards.
3. Daily Chart Analysis
On the daily chart, USD/CAD is approaching a significant resistance area around 1.3900, which has historical significance as a resistance level. The recent bullish momentum suggests the possibility of a wick fill towards this level. Traders should watch for a potential breakout above 1.3900, which could open the door for further gains. Conversely, failure to break this resistance might lead to a consolidation or retracement, with key supports at 1.3750 and 1.3700.
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Market Analysis ⇓ |
Key Levels to Watch:
- Resistance: 1.3880 (hourly), 1.3850 & 1.3900 (4-hour & daily)
- Support: 1.3800 (hourly), 1.3750 & 1.3720 (4-hour), 1.3750 & 1.3700 (daily)
ConclusionUSD/CAD is currently in a bullish trend with potential for further upside. However, traders should be cautious around key resistance levels and watch for signs of reversal or consolidation. Monitoring price action around support and resistance levels will be crucial in determining the next move. |
07/26/2024
