Saturday , 18 January 2025
Home Forex USDCAD moves lower after testing ceiling area between 1.3945 and 1.3958
Forex

USDCAD moves lower after testing ceiling area between 1.3945 and 1.3958

The USDCAD has backed backs off from ceiling area again. That area comes between 1.3945 and 1.3958.

The subsequent move to the downside has the pair heading toward 200 and 100-hour MA support targets at 1.39054 and 1.3898 respectively (green and blue lines on the chart below). A move below that level would target the rising 100 bar moving average on the 4-hour chart at 1.38784. Last week the price fell below that moving average line on two separate occasions only to fail and bounce back to the upside.

If the price were to get above the ceiling area, the 2022 high price comes in at 1.3977. Get above that and the price is trading at the highest level since 2020.

USDCAD Summary

The USDCAD is trending upward, approaching a key swing area between 1.3945-1.39581.

Key Levels:

Resistance

  • 1.3945 to 1.3958. Swing highs over the last 7 trading days (from swing highs from Oct 31, Nov 1, 6, and 7.

  • 1.3977 (2022 high)

Support

  • 1.3905 – 200-hour MA)

  • 1.3898 Rising 100-hour MA

Outlook:

  • Break above 1.3977 targets highest level since 2020.

  • Move below 1.3905 and rising 100-hour MA favors sellers.

  • Otherwise, buyers maintain control, pushing for new highs.

This article was written by Greg Michalowski at www.forexlive.com.

Leave a comment

Leave a Reply

Your email address will not be published.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

Related Articles

A technical view of the major currency pairs going into the new trading week

EURUSD:USDJPY:GBPUSD:USDCHF:USDCAD:AUDUSD:NZDUSD: This article was written by Greg Michalowski at www.forexlive.com.

Greenland, Canada and the Panama Canal: What is the real plan here?

Here is my base case.Greenland:This is a real pet project of Trump's....

Trend Continuation Factor and Hurst Exponent Forex Trading Strategy

The Trend Continuation Factor and Hurst Exponent Forex trading strategy is a...

Gold prices dip in face of strengthening US Dollar

Gold's price dropped late in the North American session, but it is...