The USDCAD H4 chart currently shows a very clear bullish structure as the price continuously creates higher lows and closely follows the upward support trendline. What I notice most is that the ABCD harmonic pattern is almost complete around the 1.3850–1.3860 region, while the Ichimoku Cloud remains bullish with the price above the Kumo and the Tenkan/Kijun continue to trend upwards.
On a macro level, the USD is still supported by relatively positive US economic data and expectations that the Fed is not in a hurry to cut interest rates. Meanwhile, although stable oil prices provide some support for the CAD, the CAD is not yet strong enough to reverse the current trend of USDCAD.
On the chart, the 1.3830 region is acting as a crucial short-term support level. If the price continues to hold above this area, I lean more towards the possibility that USDCAD will extend its upward move to the 1.3880 region — which is currently the nearest H4 resistance and also the completion target of the current uptrend.
It's worth noting that the recent correction has been quite shallow, indicating that sellers haven't created enough pressure. Given the current structure, I still prefer a buy-the-dip strategy over selling against the trend.
📌 Reference orders:
Buy: 1.3830 – 1.3840
TP: 1.3880
SL: below 1.3810
On a macro level, the USD is still supported by relatively positive US economic data and expectations that the Fed is not in a hurry to cut interest rates. Meanwhile, although stable oil prices provide some support for the CAD, the CAD is not yet strong enough to reverse the current trend of USDCAD.
On the chart, the 1.3830 region is acting as a crucial short-term support level. If the price continues to hold above this area, I lean more towards the possibility that USDCAD will extend its upward move to the 1.3880 region — which is currently the nearest H4 resistance and also the completion target of the current uptrend.
It's worth noting that the recent correction has been quite shallow, indicating that sellers haven't created enough pressure. Given the current structure, I still prefer a buy-the-dip strategy over selling against the trend.
📌 Reference orders:
Buy: 1.3830 – 1.3840
TP: 1.3880
SL: below 1.3810
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Feragatname
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Real-time market insights
👉t.me/+aoROTvcQl3k4MzA1
Signals & setups to boost your edge
Free trading plans to follow
Real-time market insights
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.