The USDCAD daily market remains below the cover of the 1.3607 mark. Observing this market, it can be concluded that it is stagnant, perhaps due to traders anticipating market-influencing fundamentals that may soon emerge from the United States. Let’s see how this market may proceed shortly.
Key Price Levels:
Resistance Levels: 1.3570, 1.3600, and 1.3650
Support Levels: 1.3550, 1.3500, and 1.3450
USDCAD Stands Still Below the 1.3607 Mark
Earlier this week, the USDCAD picked up some bullish momentum off the support level near the 1.3430 mark, retracing quickly through the 1.3510 resistance. However, as soon as price action pushed the middle limit of the Bollinger Bands indicator, an instantaneous rejection occurred.
The pair have spent most of today’s trading below this mark due to a lack of momentum in this market. While the MACD stays poised to deliver additional upside impetus, it seems too early to assume such an opinion at this point as the market appears to be anticipating key economic data.
USDCAD Bulls May Leap Off the 1.3540 Mark
On a smaller market timeframe, buyers may have regrouped at the 1.3540 mark. This observation is based on the last price candle appearing green off the middle limit of the Bollinger Bands.
Likewise, it can be seen that the MACD indicator seems to have stylishly avoided the bearish crossover above the equilibrium level. The terminal of the line appears to be trending sideways at this point. Therefore, should more of the expected fundamentals turn out to be favorable, the market may approach the 1.3650 mark.
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