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USDCAD Tries to Recover from Previous Losses

Johnathon Fox
02/15/2024 | UPDATED ON: 02/15/2024

Price action in the USDCAD market witnessed a sharp decline during Wednesday’s trading activities. However, today’s trading seems to be attempting to rekindle bullish hopes as the ongoing session has posted some moderate recovery for the pair.

Key Price Levels:
Resistance Levels: 1.3528, 1.3600, and 1.3700
Support Levels: 1.3500, 1.3400, and 1.3300

USDCAD Tries to Recover from Previous Losses

USDCAD Bounces Off Support at the 1.3510 Level

Trading activities in the 24-hour USDCAD market posted some gains following the sharp price downward correction witnessed in the previous session. The ongoing session saw prices rebound off the support at the 1.3510 level. As a result, this seems like an attempt by market forces to push the pair to an upside trajectory since previous downward corrections above this level have promptly returned the market below that particular price level.

Also, this has kept the market above the Guppy Multiple Moving Average (GMMA) lines. At the same time, the Moving Average Convergence Divergence (MACD) indicator has delivered a bullish crossover above the equilibrium level. This suggests that traders can still utilize forex signals with targets set towards higher price marks.

USDCAD Tries to Recover from Previous Losses

USDCAD Is Holding on to Gathered Profits

The USDCAD 4-hour market has shown upside consistency. This could be seen as price action being able to advance upward after defeating downward forces in the previous session. This has pushed the market back upwards above the GMMA lines. Also, the MACD indicator lines have turned sideways following the previous attempt to initiate a bearish crossover.

Although the MACD bars are now pale green and have considerably shortened over the previous sessions, As a result, it could be observed that this market is in agreement with the opinion that price action may still retrace the 1.3600 mark soon.

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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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