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USD/CAD – From Bullish to Bearish
Final week, USD/CAD printed its highest stage in over six weeks at 1.3346. Nonetheless, the pair slipped again after, then settled under 1.3300 deal with closing the weekly candlestick with a bearish Doji sample indicating to a attainable reversal on the horizon.
Since Mid- August, the Relative Energy Index (RSI) has been creating decrease highs, highlighting the uptrend transfer’s lack of momentum. Immediately, the oscillator crossed under 50 indicating to a attainable begin of downtrend transfer.
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USD/CAD DAILY PRICE CHART (Sep 30, 2017 – AUG 27, 2019) Zoomed Out
USD/CAD DAILY PRICE CHART (June 20 – AUG 27, 2019) Zoomed In
Wanting on the each day chart we discover, yesterday USD/CAD moved to the decrease buying and selling zone 1.3166 – 1.3256. Thus, sellers might press the worth decrease for a take a look at of the low finish on the zone though, the weekly assist stage underlined on the chart (zoomed in) with the neckline of double high sample at 1.3184 ought to to be watched alongside the way in which.
It’s additionally value noting that, the pair broke under the uptrend line originated from the July 31 low at 1.3105 eyeing a take a look at of 1.3144.
However, an in depth above the excessive finish of the present buying and selling zone, may push USDCAD in the direction of 1.3357. Nonetheless, the weekly and each day resistance ranges underscored on the chart could be value monitoring. Additional shut above 1.3357 may ship the worth in the direction of 1.3418. The weekly resistance space marked on the chart needs to be thought of.
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USD/CAD 4-HOUR PRICE CHART (July 30 – AUg 27, 2019)
Wanting on the four-hour chart, we discover on Friday USD/CAD spiked and accomplished the third high of triple high sample eyeing a escapeof the neckline residing at 1.3254 .
On Monday, sellers pressed the worth efficiently under the triple high neckline. Therefore, if USDCAD breaks under 1.3184 this means the worth might fall in the direction of 1.3144 nonetheless, the low finish of the aforementioned buying and selling zone needs to be saved in focus. See the chart to know extra about decrease assist ranges USDCAD would encounter in additional bearish situation.
On the flip-side, if USDCAD rallies above 1.3275 it’d resume bullish worth motion in the direction of 1.3338. Though, the each day resistance stage underlined on the chart must be watched carefully. See the chart to seek out out extra concerning the greater resistance ranges USD/CAD would face in an extra bullish situation.
Written By: Mahmoud Alkudsi
Please be happy to contact me on Twitter: @Malkudsi