It appears that the USDCAD has gathered more momentum due to the fundamentals that have emerged today. This has caused the market to approach higher resistance levels, specifically near the 1.3900 threshold. As a result, it seems likely that the pair may surpass this price point and capture higher levels above it.
Key Price Levels:
Resistance Levels: 1.3899, 1.3950, and 1.4000
Support Levels: 1.3800, 1.3700, and 1.3600
USDCAD Set to Reach Higher Levels Above the 1.3900 Mark
Overall, bulls have maintained control of the USDCAD market since the price action broke through the 1.3800 resistance mark. The ongoing session has further extended today’s upside correction, aiming for higher levels, as evident from the increased body size of the price candle representing the ongoing session.
The close of the last price candle sits just above the Guppy Multiple Moving Average (GMMA) lines. Additionally, the Relative Strength Index (RSI) indicator lines have converged for yet another bullish crossover in the overbought zone.
USDCAD Bulls Remain Persistent
The USDCAD 4-hour market shows that buyers persist despite the growing thinness of volatility. This situation might be due to traders waiting on the sidelines, expecting further momentum from the fundamentals concerning the US dollar. However, the price action remains above the MA line, and the ongoing session remains bullish.
The RSI indicator lines continue to trend upwards, despite the prior attempt of a bearish crossover in the oversold region. The convergence of the two lines indicates the observed thinning volatility. Nevertheless, price action in this market seems poised to extend movement towards the 1.3950 mark.
Do you want to take your trading to the next level? Join the best platform for that here.