You are here: Home > articles > Forex > Technical Analysis – USDCAD prints fresh 1-year high; strongly bullish in near term
Technical Analysis – USDCAD prints fresh 1-year high; strongly bullish in near term
June 15, 2018 7:26 amVideo
Latest News
- Technical Analysis – US 30 index on the slide for the second week May 30, 2024
- Technical Analysis – Meta stock consolidates below 50-day SMA May 30, 2024
- Analysis of EUR/USD pair on May 30th. An unexpected stop near the 1.0788 mark May 30, 2024
- Euro suffers when ECB announces the first rate cut of the cycle – Special Report May 30, 2024
- Trading Signals for EUR/USD for May 30-31, 2024: buy above 1.0800 (200 EMA – rebound) May 30, 2024
- USD/JPY: Simple trading tips for novice traders for May 30th (US session) May 30, 2024
- Trading Signals for GOLD (XAU/USD) for May 30-31, 2024: buy above $2,345 (oversold – 200 EMA) May 30, 2024
- GBP/USD: Simple trading tips for novice traders for May 30th (US session) May 30, 2024
- EUR/USD: Simple trading tips for novice traders on May 30th (US session) May 30, 2024
- GBP/USD: trading plan for the US session on May 30th (analysis of morning deals). The pound recovered slightly May 30, 2024
- EUR/USD: trading plan for the US session on May 30th (analysis of morning deals). The euro recovered slightly May 30, 2024
- Forex forecast 05/30/2024: EUR/USD, GBP/USD, SP500 and Bitcoin from Sebastian Seliga May 30, 2024
- Technical Analysis – ETHUSD pulls back from 2-month high May 30, 2024
- Technical Analysis – USDCHF plunges near rising trend line May 30, 2024
- EUR/USD. May 30th. Bears have taken the offensive. The euro is rapidly falling May 30, 2024
- Forecast of GBP/USD pair on May 30, 2024 May 30, 2024
- Midweek Technical Look – GBPUSD, EURJPY, Oil May 30, 2024
- Video market update for May 30, 2024 May 30, 2024
- Technical Analysis – Gold flirts with lower Bollinger band May 30, 2024
- Has the pound rally run its course? – Special Report May 30, 2024
USDCAD has been surging seen Thursday’s trading session, creating a fresh one-year high of 1.3140. The price is trying to surpass the 61.8% Fibonacci retracement level of the downleg from 1.3800 to 1.2060, around 1.3130, increasing the chances for more aggressive advances. The technical indicators continue to send bullish signals, suggesting that the strengthens in the market is not over yet.
The RSI is currently increasing positive momentum towards its threshold of 70 and is pointing upwards, while the MACD oscillator remains in positive territory and climbed above its trigger line. Both are hinting that the next moves in prices could be on the upside rather than on the downside. It is worth mentioning that the price is developing well above the 20- and 40-simple moving averages in the daily timeframe.
Should the market extend gains above the 61.8% Fibonacci, this would send prices towards the return line of the upward sloping channel, near the 1.3200 handle. A climb above the pattern would suggest a stronger bullish structure and challenge the 1.3350 resistance level, taken from the high on June 2017.
Conversely, the next support should come from the 1.3050 before being able to retest the 50.0% Fibonacci mark of 1.2930. A dip below this region would drive the price towards the 40-SMA near 1.2840 at the time of writing. Further losses could drive the pair until the 38.2% Fibonacci of 1.2720.
Having a look at the bigger picture, USDCAD has been trading within an ascending sloping channel since September 2017.
Related Posts: