USD/CAD PRICE ANALYSIS: IMPROVES TO NEAR 1.3520 FOLLOWING FEBRUARY’S HIGH

avatar
· Views 106



  • USD/CAD could breach the key barrier at 1.3550 to test February’s high at 1.3586.
  • Traders could await the MACD indicator to confirm a clear directional trend.
  • The pair could find immediate support at the psychological level of 1.3500 followed by the 50-day EMA at 1.3475.

USD/CAD moves higher for the second consecutive day, inching higher to near 1.3520 during the European session on Monday. The pair could meet the key barrier at the major level of 1.3550 following February’s high at 1.3586.

A break above the latter could exert upward support to lead the USD/CAD pair to explore the region around the psychological resistance level at 1.3600.

The technical analysis of the 14-day Relative Strength Index (RSI) is positioned above 50, suggesting bullish momentum for the USD/CAD pair.

Furthermore, the Moving Average Convergence Divergence (MACD) indicator for the USD/CAD pair, a lagging indicator, indicates a subdued momentum in the market. This interpretation is based on the MACD line's position above the centerline but resting on the signal line. Traders might prefer to await a clearer directional signal from the MACD indicator before initiating any trading actions.

On the downside, the immediate support appears at the psychological level of 1.3500 followed by the 23.6% Fibonacci retracement level of 1.3489 and the 50-day Exponential Moving Average (EMA) at 1.3475.

The USD/CAD pair could further fall to the major level of 1.3450 before the 38.2% Fibonacci retracement level at 1.3430. A break of this level could put downward pressure on the pair to test the psychological support at the 1.3400 level


면책 조항: 본 게시글에 표현된 견해는 전적으로 작성자의 견해이며 Followme의 공식 입장을 대변하지 않습니다. Followme는 제공된 정보의 정확성, 완전성 또는 신뢰성에 대해 책임을 지지 않으며, 서면으로 명시적으로 언급되지 않는 한 해당 내용을 기반으로 취해진 어떠한 조치에 대해서도 책임을 지지 않습니다.

이 글이 마음에 드시나요? 작성자에게 팁을 보내 감사의 마음을 전하세요.
댓글 0

더 오래된 의견은 없습니다. 소파를 가장 먼저 잡으십시오.