USDCAD on the H1 timeframe is currently trading around 1.38120, after a relatively tight consolidation near the short-term support zone. I've noticed that the price is being compressed between the descending trendline above and the ascending trendline below, creating a narrow range before a direction is determined.
Regarding news, CAD is under pressure as oil prices weaken and the market begins to pay more attention to Canadian growth data. Meanwhile, the USD still has some support from safe-haven sentiment and expectations that US interest rates will not cool down quickly. This context slightly supports the scenario of USDCAD continuing to rise.
On the chart, the 1.38070 area is the nearest support that needs to be held. If the price continues to maintain above this area and breaks out of the consolidation zone, the immediate target will be 1.38300, which is also the psychological resistance zone marked on the chart.
Reference strategy:
Good buy: around 1.38070 – 1.38100 if there is a price consolidation signal
Breakout buy: when the price clearly breaks out of the triangle area
TP: 1.38300
Regarding news, CAD is under pressure as oil prices weaken and the market begins to pay more attention to Canadian growth data. Meanwhile, the USD still has some support from safe-haven sentiment and expectations that US interest rates will not cool down quickly. This context slightly supports the scenario of USDCAD continuing to rise.
On the chart, the 1.38070 area is the nearest support that needs to be held. If the price continues to maintain above this area and breaks out of the consolidation zone, the immediate target will be 1.38300, which is also the psychological resistance zone marked on the chart.
Reference strategy:
Good buy: around 1.38070 – 1.38100 if there is a price consolidation signal
Breakout buy: when the price clearly breaks out of the triangle area
TP: 1.38300
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LEVEL UP YOUR TRADING
👉t.me/+-HowPr1J4k03NGY1
Signals & setups to boost your edge
Free trading plans to follow
Real-time market insights
👉t.me/+-HowPr1J4k03NGY1
Signals & setups to boost your edge
Free trading plans to follow
Real-time market insights
Похожие публикации
Отказ от ответственности
Информация и публикации не предназначены для предоставления и не являются финансовыми, инвестиционными, торговыми или другими видами советов или рекомендаций, предоставленных или одобренных TradingView. Подробнее читайте в Условиях использования.