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USDCAD Technical Analysis – 08th JAN, 2025
USDCAD – Resistance of Channel is Broken
USDCAD was unable to continue its bearish momentum and after touching a low of 1.4339 the prices started to correct upwards against the United States Dollar today in the London Trading session.
The Resistance of channel is broken in the 15-minutes timeframe. Also, the MACD crosses DOWN its Moving Average in the 30-minutes timeframe.
The prices are now ranging Near horizontal resistance in the 1-hourly timeframe.
We have detected the Bearish price crossover with adaptative moving average 100 in the 1-hourly timeframe.
Also, the Price is back under the pivot point in the weekly timeframe.
Some of the technical indicators are also giving a Bearish to Neutral stance in the markets which indicates the presence of the Consolidation wave in the markets.
We see that USDCAD is ranging Near a new HIGH record (5 years) in the weekly timeframe.
USDCAD is now trading above its 100-hour SMA and below its 200-hour SMA simple moving averages.
• Loonie Bullish reversal seen above the 1.4339 mark.
• Short-term range appears to be Bullish.
• USDCAD continues to remain above the 1.4370 levels.
• Average true range ATR is indicating High market volatility.
The next resistance is located at 1.4393 which is a Pivot Point 1st Resistance Point.
USDCAD is now trading near to its Pivot levels of 1.4383 and is moving into a Bullish channel.
The price of USDCAD remains above its Classic support levels of 1.4348 and is now moving towards its next target of 1.4418 which is a Pivot Point 2nd Level Resistance.
Disclaimer: This analysis represents my own opinion only. It is not to be construed as an opinion, offer, solicitation, recommendation, or financial advice of the Companies operating under the FXOpen brand.
USDCAD – Resistance of Channel is Broken
USDCAD was unable to continue its bearish momentum and after touching a low of 1.4339 the prices started to correct upwards against the United States Dollar today in the London Trading session.
The Resistance of channel is broken in the 15-minutes timeframe. Also, the MACD crosses DOWN its Moving Average in the 30-minutes timeframe.
The prices are now ranging Near horizontal resistance in the 1-hourly timeframe.
We have detected the Bearish price crossover with adaptative moving average 100 in the 1-hourly timeframe.
Also, the Price is back under the pivot point in the weekly timeframe.
Some of the technical indicators are also giving a Bearish to Neutral stance in the markets which indicates the presence of the Consolidation wave in the markets.
We see that USDCAD is ranging Near a new HIGH record (5 years) in the weekly timeframe.
USDCAD is now trading above its 100-hour SMA and below its 200-hour SMA simple moving averages.
• Loonie Bullish reversal seen above the 1.4339 mark.
• Short-term range appears to be Bullish.
• USDCAD continues to remain above the 1.4370 levels.
• Average true range ATR is indicating High market volatility.
The next resistance is located at 1.4393 which is a Pivot Point 1st Resistance Point.
USDCAD is now trading near to its Pivot levels of 1.4383 and is moving into a Bullish channel.
The price of USDCAD remains above its Classic support levels of 1.4348 and is now moving towards its next target of 1.4418 which is a Pivot Point 2nd Level Resistance.
Disclaimer: This analysis represents my own opinion only. It is not to be construed as an opinion, offer, solicitation, recommendation, or financial advice of the Companies operating under the FXOpen brand.