The US Dollar depreciated by about 60 base points against the Canadian Dollar on Friday. The decline began after the currency pair hit a resistance level formed by the weekly PP at 1.3183.
The exchange rate is currently trading in a one-week descending channel and it's most likely to remain moving in the channel pattern within this session.
Furthermore, technical indicators suggest that the decline of the USD/CAD currency exchange rate will continue during the following trading session. The potential target for bearish traders will be near the weekly S1 at 1.3099.
The exchange rate is currently trading in a one-week descending channel and it's most likely to remain moving in the channel pattern within this session.
Furthermore, technical indicators suggest that the decline of the USD/CAD currency exchange rate will continue during the following trading session. The potential target for bearish traders will be near the weekly S1 at 1.3099.
Comment:
The US Dollar appreciated about 160 base points against the Canadian Dollar on Tuesday. The surged was stopped by a resistance level formed by the weekly R1 at 1.3318 during the previous session.
Everything being equal, it is likely that the USD/CAD currency pair will make a temporary retracement towards the weekly R1 at 1.3235 during the following trading session.
On the other hand, the currency exchange rate could reversal from the current price level and takes out yesterday high at 1.3318 today.
Everything being equal, it is likely that the USD/CAD currency pair will make a temporary retracement towards the weekly R1 at 1.3235 during the following trading session.
On the other hand, the currency exchange rate could reversal from the current price level and takes out yesterday high at 1.3318 today.
Comment:
A resistance level formed by the weekly R2 at 1.3318 pressured the US Dollar down against the Canadian Dollar on Wednesday. The currency pair depreciated by about 89 base pair during Wednesday’s session.
Technical indicators on both the smaller and the larger time frames suggest that bullish sentiment could be introduced in the following hours.
If this situation occurs, the next target for the bullish traders will be at the upper boundary of an ascending channel at 1.3372 during the following trading session.
Technical indicators on both the smaller and the larger time frames suggest that bullish sentiment could be introduced in the following hours.
If this situation occurs, the next target for the bullish traders will be at the upper boundary of an ascending channel at 1.3372 during the following trading session.
Comment:
The US Dollar edged higher by about 72 base points against the Canadian Dollar on Friday. The currency pair tested the upper boundary of a triangle pattern at 1.3260 during the end of the previous trading session.
The exchange rate was trading near the bottom border of the triangle-like formation pattern at 1.3188 during the morning hours of Monday’s session and could be set for a breakout.
If this breakout occurs, the USD/CAD currency exchange rate will aim at a support level formed by the weekly S1 at 1.3152 today.
Furthermore, technical indicators suggest that the breakout might not be immediate.
The exchange rate was trading near the bottom border of the triangle-like formation pattern at 1.3188 during the morning hours of Monday’s session and could be set for a breakout.
If this breakout occurs, the USD/CAD currency exchange rate will aim at a support level formed by the weekly S1 at 1.3152 today.
Furthermore, technical indicators suggest that the breakout might not be immediate.
Comment:
Upside risks dominated the US Dollar versus the Canadian Dollar on Monday. The currency pair appreciated by about 76 base points during the end of yesterday’s trading session.
A strong support cluster formed by the weekly PP and the 100-hour simple moving average was providing support for the exchange rate during the first half of Tuesday session.
Everything being equal, it is likely that the currency exchange rate continues its bullish momentum today and potentially target November swing high of 1.3329.
However, the monthly resistance level at 1.3291 could prevent the price from hitting the target within this session.
A strong support cluster formed by the weekly PP and the 100-hour simple moving average was providing support for the exchange rate during the first half of Tuesday session.
Everything being equal, it is likely that the currency exchange rate continues its bullish momentum today and potentially target November swing high of 1.3329.
However, the monthly resistance level at 1.3291 could prevent the price from hitting the target within this session.
Comment:
The US Dollar appreciated about 90 base points against the Canadian Dollar on Tuesday. However, after hitting a resistance level set by the weekly R1 at 1.3329. the currency pair made a U-turn down.
The exchange rate was trading between the weekly resistance level at 1.3329 and the monthly R1 at 1.3291 during the European session on Wednesday and could be set for a breakout.
As for the near future, it is likely that the currency exchange rate will dash through the weekly R1 within this session and aim for a resistance cluster set by the weekly and the monthly PPs at 1.3425.
The exchange rate was trading between the weekly resistance level at 1.3329 and the monthly R1 at 1.3291 during the European session on Wednesday and could be set for a breakout.
As for the near future, it is likely that the currency exchange rate will dash through the weekly R1 within this session and aim for a resistance cluster set by the weekly and the monthly PPs at 1.3425.
Comment:
The USD Dollar plummeted about 115 base points against the Canadian Dollar on Wednesday. The currency pair breached both the 50– and 100-hour SMAs at 1.3280 and 1.3243 during yesterday’s session.
Everything being equal, it is likely that the USD/CAD currency exchange rate would make an upside movement today and potentially aim for yesterday’s swing high of 1.3360.
Furthermore, technical indicators suggest that bullish momentum might come into play within this session.
Everything being equal, it is likely that the USD/CAD currency exchange rate would make an upside movement today and potentially aim for yesterday’s swing high of 1.3360.
Furthermore, technical indicators suggest that bullish momentum might come into play within this session.
The exchange rate was located near the upper boundary of a descending channel pattern at 1.3181 and could be set for a breakout.
If this breakout occurs, the USD/CAD currency pair will target a resistance level formed by the weekly R1 at 1.3235.
However, it is important to note that a resistance cluster formed by the combination of the 100– and 200-hour SMAs at 1.3190 could hinder the rate from hitting target today.