• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

ForexSchoolOnline.com

Learn to Trade Forex Online

  • Compare Brokers
    • Broker Type
      • Paypal Brokers
      • Swap-Free Brokers
      • Low Spread Brokers
      • ECN / STP Brokers
      • Market Maker Brokers
      • Non Dealing Desk Brokers
      • Low Minimum Deposit Brokers
    • Country
      • Brokers for Australia
      • Brokers for South Africa
      • Brokers for the UK
      • Brokers for the US
      • Brokers for Nigeria
    • Regulation
      • FCA Regulated Brokers
      • ASIC Regulated Brokers
      • FSCA Regulated Brokers
      • CFTC Regulated Brokers
    • Platform
      • MT4 Brokers
      • MT5 Forex Brokers
    • Strategies
      • Hedging Forex Brokers
      • Scalping Forex Brokers
      • Carry Trade Forex Brokers
      • Brokers for Indicators and EA’s
  • Start Here
    • Start Trading Guide
    • Beginner Trading Lessons
  • Free Forex Course
    • Public Login
    • Register
    • Password recovery
  • Lessons
    • Strategies
    • Videos
    • MT4 Guides
    • Money Management
  • Trade Setups
  • Tools
    • Correct Free Demo Charts
    • Forex Journal Download
    • Position Size Calculator
    • FULL List of Tools
    • Forex Demo Accounts
  • Price Action Guide
  • Free Course

USDCAD Extends Upside Correction as US Dollar Strengthens  

Johnathon Fox
11/02/2023 | UPDATED ON: 11/02/2023

It appears that the USDCAD has gathered more momentum due to the fundamentals that have emerged today. This has caused the market to approach higher resistance levels, specifically near the 1.3900 threshold. As a result, it seems likely that the pair may surpass this price point and capture higher levels above it.

Key Price Levels:

Resistance Levels: 1.3899, 1.3950, and 1.4000
Support Levels: 1.3800, 1.3700, and 1.3600

USDCAD Extends Upside Correction as US Dollar Strengthens  

USDCAD Set to Reach Higher Levels Above the 1.3900 Mark

Overall, bulls have maintained control of the USDCAD market since the price action broke through the 1.3800 resistance mark. The ongoing session has further extended today’s upside correction, aiming for higher levels, as evident from the increased body size of the price candle representing the ongoing session.

The close of the last price candle sits just above the Guppy Multiple Moving Average (GMMA) lines. Additionally, the Relative Strength Index (RSI) indicator lines have converged for yet another bullish crossover in the overbought zone.

USDCAD Extends Upside Correction as US Dollar Strengthens  

USDCAD Bulls Remain Persistent

The USDCAD 4-hour market shows that buyers persist despite the growing thinness of volatility. This situation might be due to traders waiting on the sidelines, expecting further momentum from the fundamentals concerning the US dollar. However, the price action remains above the MA line, and the ongoing session remains bullish.

The RSI indicator lines continue to trend upwards, despite the prior attempt of a bearish crossover in the oversold region. The convergence of the two lines indicates the observed thinning volatility. Nevertheless, price action in this market seems poised to extend movement towards the 1.3950 mark.

Do you want to take your trading to the next level? Join the best platform for that here.

Recommended Broker

  • Broker
  • Min Deposit
  • Benefits
  • Score
  • Visit Broker

$200

T&Cs Apply
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
5
Trade Now FreeBets Reviews
Reviews

About Johnathon Fox

Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.

View all posts by Johnathon Fox →
Previous Post: « Tamadoge (TAMA/USD) Price Bounces, Trading at $0.0082
Next Post: Dash 2 Trade (D2T/USD) Bulls Face Resistance at the $0.0044 Price Level »

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Forex School Online

High Probability Price Action Trading

How to make, manage and take profit from trades in the markets

Start Learning (It's Free!)

Turn Your Trades into Winners!

The Price action course is the in-depth advanced training on assessing, making and managing high probability price action trades.

Sign up for Free!

Recommended Broker

  • Broker
  • Min Deposit
  • Benefits
  • Score
  • Visit Broker

$200

T&Cs Apply
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
5
Trade Now FreeBets Reviews
Reviews

Footer

Get Our FREE Course, Bonus Strategies & Indicators!
X
Join Us Now!

Your capital is at risk.

X

CORNERSTONE LESSONS

Forex Trading for Beginners

Price Action Trading

How to Trade Forex

Technical Analysis

Forex Charts

Forex Trading Strategies

Money Management 

Compare Brokers

Best Forex Brokers

Forex Demo Accounts

Best Forex Trading Platforms

Forex Apps

Swap Fee Accounts

MT4 Brokers

CATEGORIES

Forex Videos

Trading Lessons

Weekly Trade Ideas

Start Here Guide

ForexSchoolOnline.com helps individual traders learn how to trade the Forex market

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision. The information on this website is general in nature so you must consider the information in light of your objectives, financial situation and needs.

Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. This website is free for you to use but we may receive a commission from the companies we feature on this site.

We Introduce people to the world of currency trading. and provide educational content to help them learn how to become profitable traders. we're also a community of traders that support each other on our daily trading journey

Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

Copyright © Forex School Online Sitemap  - Privacy Policy - Disclaimers & Terms of Use - CONTACT US