Price activity in the USDCAD market has been experiencing extreme contraction. This has pretty much kept the market almost in a spot. CAD has trimmed its losses due to an upbeat in the country’s GDP, while the Fed is likely to keep the monetary policy steady. Consequently, this seems to have a counterbalancing effect on the pair.
Key Price Levels:
Resistance Levels: 1.3404, 1.3500, and 1.3600
Support Levels: 1.3400, 1.3300, and 1.3200
USDCAD Market Forces Are Locking Horns
Today seems like a very active day for the USDCAD from a fundamental point of view. This has kept the market almost stable. The pair has only seen minimal profits as of the time of writing, as the body of the price candle here appears almost at the center of a price candle with a very long upper and lower shadow.
This effectively communicates the tension in the market. Price action remains at the 21-day Moving Average line, which favors headwinds. Nevertheless, the Connor Relative Strength Index (CRSI) indicator lines are pointing upwards to reflect the minimal upside price gains at the moment, which seems favorable for the initially printed gains.
USDCAD Upside Hopes Seem Consistent
Coming to the USDCAD 4-hour market, the printed minimal gains seem a bit exaggerated. The last price candle on this price chart has appeared with a significantly large body. However, this bullish price candle still appears below the 21-day MA line. Consequently, this offers a bit of resistance to developing price increases. Meanwhile, the CRSI indicator line stays consistent with its upside bearing coming from the previously examined daily market.
The only difference is that the indicator line has surpassed the 50 mark of the indicator. Be that as it may, bullish anticipation in this market hinges greatly on the result of the Fed’s policy. Therefore, traders preparing to go bullish towards the 1.3550 mark should utilize forex signals with caution, monitoring fundamentals in the meantime.
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