USD/CAD Riding the Ascending Channel
Chart Analysis:
The USD/CAD pair continues to trade within a well-defined ascending channel (blue-shaded area), reflecting sustained bullish momentum.
1️⃣ Ascending Channel:
The pair is trading near the upper boundary of the channel, indicating strong upward momentum.
Traders may watch for reactions at this level for potential continuation or minor pullbacks to the channel’s midline or lower boundary.
2️⃣ Key Resistance Level:
The horizontal level at 1.3977 (pink line) represents a significant historical resistance area. A sustained breakout above this level has reinforced the bullish outlook.
3️⃣ Moving Averages:
50-day SMA (blue): Rising and acting as dynamic support near 1.3952.
200-day SMA (red): Sloping upward around 1.3723, confirming a longer-term bullish trend.
4️⃣ Momentum Indicators:
RSI: Hovering near 71, reflecting strong momentum but also signaling overbought conditions.
MACD: Bullish momentum remains intact as the MACD line stays above zero and trends upward.
What to Watch:
Price reaction at the upper channel boundary for signs of continuation or a corrective pullback.
Any retracement towards the 50-day SMA or channel’s lower trendline could be closely monitored.
RSI may warrant attention for any potential bearish divergence if momentum weakens.
USD/CAD remains firmly within a bullish structure, supported by rising moving averages and strong momentum. The ascending channel provides a clear technical framework to follow.
-MW
The USD/CAD pair continues to trade within a well-defined ascending channel (blue-shaded area), reflecting sustained bullish momentum.
1️⃣ Ascending Channel:
The pair is trading near the upper boundary of the channel, indicating strong upward momentum.
Traders may watch for reactions at this level for potential continuation or minor pullbacks to the channel’s midline or lower boundary.
2️⃣ Key Resistance Level:
The horizontal level at 1.3977 (pink line) represents a significant historical resistance area. A sustained breakout above this level has reinforced the bullish outlook.
3️⃣ Moving Averages:
50-day SMA (blue): Rising and acting as dynamic support near 1.3952.
200-day SMA (red): Sloping upward around 1.3723, confirming a longer-term bullish trend.
4️⃣ Momentum Indicators:
RSI: Hovering near 71, reflecting strong momentum but also signaling overbought conditions.
MACD: Bullish momentum remains intact as the MACD line stays above zero and trends upward.
What to Watch:
Price reaction at the upper channel boundary for signs of continuation or a corrective pullback.
Any retracement towards the 50-day SMA or channel’s lower trendline could be closely monitored.
RSI may warrant attention for any potential bearish divergence if momentum weakens.
USD/CAD remains firmly within a bullish structure, supported by rising moving averages and strong momentum. The ascending channel provides a clear technical framework to follow.
-MW
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