The USDCAD has entered a sharp rally over the past seven trading days as visible in this D1 chart. This currency pair has formed a bullish price channel which is a bullish chart formation, but has now approached its ascending resistance level. The upward move was too strong and too fast which make sit prone to a correction. We believe this pair will correct back down to its ascending support level before it makes another move higher. MACD has completed a bullish centerline crossover which confirms the bullish chart formation, but...
The USDCAD has started to correct due to weaker than expected economic data out of the U.S. as visible in this H4 chart. This currency pair has now reached the upper band of its support zone. The Golden Cross, a lacking indicator, suggest a general bullish sentiment. Having said that we believe this currency pair is due for one final bounce into its 200 DMA before starting a bigger descend which will take this pair below parity. The latest candlestick has formed a hammer formation at support and we expect a minor rally before the...
The USDCAD has been in a corrective phase for several trading sessions as visible in this H4 chart. This currency pair has formed a falling wedge formation and price action has been centered around support levels. The latest candlestick has formed an inverted hammer and we believe this pair will move higher back into its declining resistance level and possibly into its descending 50 DMA. MACD has bottomed out and confirmed the correction. Selling pressure has dropped below its moving average and we expect levels to adjust higher...
The USDCAD has rallied over the past few sessions and formed a double top formation as visible in this H4 chart. We believe this pair will correct down to its rising support level and potentially down to its 200 DMA from where the next move can unfold. MACD has declined in comparison to the first peak it formed and therefore does not confirm strength behind the recent move higher which add validity to the double top formation. RSI has reached overbought territory and a break below this level should accelerate the correction. We...
