RLinda ! USDCAD-> Overview of the situation
The ICE dollar index rose 7.3 percent from July to September, the biggest quarterly jump since 2015, according to Dow Jones.
It was up 3.2% in September.
The dollar's strength this year is due to both the Federal Reserve's rapid rise in the benchmark interest rate and the relative stability of the U.S. economy.
On the global timeframe we can see the potential for price movement. We see the USDCAD moving in a sideways range between the levels 1.468 - to 1.193. The last tested boundary is support, from which the price rebounded from the level and transition to the consolidation phase with the subsequent impulse. In the long term I expect the continuation of growth.
From the technical analysis viewpoint we are seeing an accelerated rally, which is caused by a break-up of the uptrend channel resistance, but the price meets the resistance limit area at 1.3800, after which the price forms the base support at 1.36000 and makes a retest to that area. I suppose if the price is able to resist above the support level, then there are all chances for the retest of resistance, but also expect breakdown of the support and return of the price to the ascending channel, after what the technical fallback to the support zone can follow.
Regards to R. Linda!
It was up 3.2% in September.
The dollar's strength this year is due to both the Federal Reserve's rapid rise in the benchmark interest rate and the relative stability of the U.S. economy.
On the global timeframe we can see the potential for price movement. We see the USDCAD moving in a sideways range between the levels 1.468 - to 1.193. The last tested boundary is support, from which the price rebounded from the level and transition to the consolidation phase with the subsequent impulse. In the long term I expect the continuation of growth.
From the technical analysis viewpoint we are seeing an accelerated rally, which is caused by a break-up of the uptrend channel resistance, but the price meets the resistance limit area at 1.3800, after which the price forms the base support at 1.36000 and makes a retest to that area. I suppose if the price is able to resist above the support level, then there are all chances for the retest of resistance, but also expect breakdown of the support and return of the price to the ascending channel, after what the technical fallback to the support zone can follow.
Regards to R. Linda!
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