USDCAD Bulls Continue to Mount Upside Pressure

Although the US dollar doesn’t possess momentum as strong as it did in the previous week, it could be perceived that in some pairs, the lowering momentum is still enough to provide a tailwind. An example of this is portrayed in the USDCAD, as its price action continues to rise toward resistance levels.

Major Price Levels:
Resistance Levels: 1.3439, 1.3500, and 1.3550
Support Levels: 1.3400, 1.3350, and 1.3300

USDCAD Sustains Upside Retracement

For more than five trading sessions, upside forces have remained dominant in the USDCAD daily market. As a result, price action in this market has continued to retrace higher price levels after shattering the resistance at the 1.3300 price mark. Furthermore, today’s trading has witnessed a continued extension of the upside retracement that started on the 25th of July. With this, price action continues to approach the 1.3500 price mark.

Other technical indicators, such as the Moving Average Convergence Divergence (MACD) indicator, show that price action has the potential to reach that mark. The lines of the MACD indicator keep rising upward and above the equilibrium level. Also, the bar of this indicator is still green in appearance, which indicates that the upside momentum is strong.

USDCAD Charts a New Course Toward the 1.3500 Mark

Even on the 4-hour USDCAD market, it could be seen that price action has started a new upside course in the current session. Yet again, the bulls have remained dominant and are taking the lead in the current session. This could be seen as another price candle appearing at a considerable level above the two sets of the Guppy Multiple Moving Average (GMMA) curves.

Meanwhile, another upside crossover can be perceived on the MACD indicator above the equilibrium level. This suggests that upside momentum keeps gaining strength. Consequently, it equivocally communicates that buyers are strongly in pursuit of the 1.3500 and may even exceed that price mark.

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