The USDCAD currency pair remains in a bullish technical structure, driven by the prevailing uptrend. Recent intraday price action shows a bounce from the rising trendline support zone, reinforcing positive sentiment.
Key Levels:
Support: The critical support level is at 1.4273, representing the previous consolidation price range. A corrective pullback to this level followed by a bullish bounce would signal a continuation of the upward movement.
Resistance: On the upside, the next resistance levels to watch are at 1.4413, 1.4476, and 1.4521, marking potential targets over the longer timeframe.
Bearish Scenario: A decisive break below the 1.4273 support level, with a daily close beneath it, would invalidate the bullish outlook. This could trigger a deeper retracement, targeting the 1.4247 support level, followed by 1.4140 if selling pressure increases.
Conclusion: The bullish sentiment remains intact as long as the 1.4273 support holds. Traders should look for potential buying opportunities on corrective pullbacks to this level. However, a confirmed breakdown below 1.4273 would signal caution, as it may open the door for further downside movement.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Key Levels:
Support: The critical support level is at 1.4273, representing the previous consolidation price range. A corrective pullback to this level followed by a bullish bounce would signal a continuation of the upward movement.
Resistance: On the upside, the next resistance levels to watch are at 1.4413, 1.4476, and 1.4521, marking potential targets over the longer timeframe.
Bearish Scenario: A decisive break below the 1.4273 support level, with a daily close beneath it, would invalidate the bullish outlook. This could trigger a deeper retracement, targeting the 1.4247 support level, followed by 1.4140 if selling pressure increases.
Conclusion: The bullish sentiment remains intact as long as the 1.4273 support holds. Traders should look for potential buying opportunities on corrective pullbacks to this level. However, a confirmed breakdown below 1.4273 would signal caution, as it may open the door for further downside movement.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.