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USDCAD Seems Set to Breakout of Its Consolidative Move With 1.3122 and 1.3285 Price Levels

Johnathon Fox
08/03/2023 | UPDATED ON: 08/03/2023

USDCAD continues to benefit from the improving mood of the US dollar, as its price movements seem ready to break out of a medium-term range of 1.3122 and 1.3285 price marks. Also, to a great extent, technical indicators and fundamentals are in agreement with this conclusion.

Major Price Levels:
Resistance Levels: 1.3287, 1.3300, and 1.3950
Support Levels: 1.3257, 1.3207, and 1.3157

USDCAD Seems Set to Breakout of Its Consolidative Move With 1.3122 and 1.3285 Price Levels

 

USDCAD May Break the 1.3300 Price Level

Already, price action in the USDCAD market has poked through the 1.3285 resistance level at the 61.80 Fibonacci Retracement level. As a result, this has brought the pair’s price to 1.3287. And, considering that the available fundamentals surrounding the quote remain constant, this has further strengthened bullish hopes in this market.

In addition, the Moving Average Convergence Divergence (MACD) indicator is revealing that bullish momentum is on the rise. This can be seen as the histogram bars above the equilibrium level of the MACD are now green and getting taller. Such a display as this will further strengthen buying confidence, and price action will extend toward higher price marks.

USDCAD Seems Set to Breakout of Its Consolidative Move With 1.3122 and 1.3285 Price Levels

Buying Confidence Seems to be Increasing in the USDCAD Market

A new trading session has begun in the USDCAD 4-hour market, and buyers seem confident of recording additional profits. Price action can be seen trying to avoid drawing bearish attention by maintaining moderate volatility. As a result, price action can be seen gently expanding the Bollinger Bands’ upper limit.

Meanwhile, the MACD indicator lines are also in agreement with the market trend as they continue trending upwards after crossing above the equilibrium level. Since all possible factors are in agreement, traders can have a greater level of confidence that more gains may be gathered toward the 1.3350 price mark.

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About Johnathon Fox

Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.

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