Technical Analysis:
Trend Analysis: On the 4-hour chart, USD/CAD has been in a moderate uptrend over the past few weeks, with higher highs and higher lows. This indicates a bullish bias.
Key Support and Resistance Levels:
Support: The pair has found support around the 1.36050 level multiple times, indicating a strong level to watch.
Resistance: The 1.37400 level has acted as a significant resistance point in recent trading sessions for temporal bearish market.
Based on the technical analysis, it appears that the USD/CAD pair is in an uptrend. However, it's essential to be cautious about potential corrections.
Remember that financial markets are subject to sudden and unexpected events, so it's crucial to continuously monitor news and economic data to adapt your analysis accordingly. Also, using risk management strategies, such as setting stop-loss orders, is essential to protect your capital while trading the USD/CAD pair.
Trend Analysis: On the 4-hour chart, USD/CAD has been in a moderate uptrend over the past few weeks, with higher highs and higher lows. This indicates a bullish bias.
Key Support and Resistance Levels:
Support: The pair has found support around the 1.36050 level multiple times, indicating a strong level to watch.
Resistance: The 1.37400 level has acted as a significant resistance point in recent trading sessions for temporal bearish market.
Based on the technical analysis, it appears that the USD/CAD pair is in an uptrend. However, it's essential to be cautious about potential corrections.
Remember that financial markets are subject to sudden and unexpected events, so it's crucial to continuously monitor news and economic data to adapt your analysis accordingly. Also, using risk management strategies, such as setting stop-loss orders, is essential to protect your capital while trading the USD/CAD pair.
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