USD/CAD: Bulls aiming for 1.3500 after strong bullish move
USDCAD currency pair on the hourly time frame has been following an uptrend since 27 February. The price reached 1.34623 on 6 March (The highest level in 2 months). As of writing, price is trading near 2-month high at 1.3461. The recent bullish move in USDCAD came after positive news from China regarding the US-China Trade deal. The pair is trading well above the 200-period moving average with MACD (Moving Average Convergence Divergence) recording positive values, which supports bullish sentiment in the market.
The hourly chart of the USDCAD confirms the positive sentiment in the price movement as the pair is making successively higher tops and higher bottoms. The lowest value of the period under study was recorded on 27 February when the price registered the low of 1.31181. Since then, Bulls are in full control of the market as the price reached the highest level of 2019 on 6 March (1.34623)
By applying Oscillators analysis, all three indicators confirm the positive bias in the market. As the chart shows, price is well above the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values above the zero-line which shows positive sentiment in the USDCAD currency pair. RSI ( Relative Strength Index ) recording values above 50 which means strength in bullish movement.
In alternative scenario, weaker than expected NFP numbers and negative news regarding the US-China trade agreement can push the price lower, but as of now bulls are in full control to push the price higher.
Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
The hourly chart of the USDCAD confirms the positive sentiment in the price movement as the pair is making successively higher tops and higher bottoms. The lowest value of the period under study was recorded on 27 February when the price registered the low of 1.31181. Since then, Bulls are in full control of the market as the price reached the highest level of 2019 on 6 March (1.34623)
By applying Oscillators analysis, all three indicators confirm the positive bias in the market. As the chart shows, price is well above the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values above the zero-line which shows positive sentiment in the USDCAD currency pair. RSI ( Relative Strength Index ) recording values above 50 which means strength in bullish movement.
In alternative scenario, weaker than expected NFP numbers and negative news regarding the US-China trade agreement can push the price lower, but as of now bulls are in full control to push the price higher.
Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.