Price action in the USDCAD market had earlier broken through a significant price level at 1.3637 during yesterday’s trading session. Early in today’s trading session, bears attempted to regain control, but the support at the 1.3637 level held strong.
Major Price Levels:
Resistance Levels: 1.3637, 1.3700, and 1.3750
Support Levels: 1.3600, 1.3550, and 1.3500
USDCAD Charges towards the 1.3700 Mark
For two consecutive trading sessions, bullish forces have dominated the USDCAD daily market. This is evident as a green price candle represents today’s trading session. The momentum can be attributed to the strength of the USD.
As a result, price action has moved away from the support provided by the 21-day Moving Average line. Simultaneously, the Relative Strength Index (RSI) indicator lines are attempting a bullish crossover following the upside correction in the oversold region. This suggests that the upside correction may be significant but not excessively sensitive.
USDCAD Retains Its Focus on the 1.3700 Level Despite Minimal Downward Correction
In the USDCAD 4-hour market, the previous session was the most significant. However, the ongoing session has seen a minor downward correction. Nevertheless, the pair’s price remains above the Moving Average (MA) line, including the previous trading session.
Additionally, the RSI lines have not reversed direction after crossing into the overbought region. The indicator’s lines continue to rise, indicating that the upside momentum is likely to drive further upward corrections towards the 1.3750 price level.
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