You are here: Home > articles > Forex > Technical Analysis – USDCAD ticks higher within ascending channel
Technical Analysis – USDCAD ticks higher within ascending channel
April 7, 2024 4:32 pmVideo
Latest News
- Can Q1 earnings season refuel the equity market rally? – Stock Markets April 7, 2024
- Why is gold defying gravity? – Special Report April 7, 2024
- RBNZ may start laying groundwork for a rate cut – Preview April 7, 2024
- Week Ahead – ECB decision and US inflation to fuel FX volatility April 7, 2024
- Technical Analysis – GBPUSD loses steam above uptrend line April 7, 2024
- Technical Analysis – EURUSD trims earlier gains as clock ticks down to NFP April 7, 2024
- Market Comment – Fed hawks spook markets ahead of NFP April 7, 2024
- Technical Analysis – GBPJPY trades lower ahead of key market events April 7, 2024
- Technical Analysis – USDCAD ticks higher within ascending channel April 7, 2024
- Forex forecast 04/05/2024: EUR/USD, GBP/USD, SP500 and Bitcoin from Sebastian Seliga April 7, 2024
- Why does the 10-year US yield remain so high? – Special Report April 7, 2024
- EUR/USD and GBP/USD: trading tips for beginners on April 5 April 7, 2024
- Weekly Forex Outlook: 05/04/2024 – ECB decision and US inflation to fuel FX volatility April 5, 2024
- Weekly Forex Outlook: 05/04/2024 – ECB decision and US inflation to fuel FX volatility April 5, 2024
- Weekly Forex Outlook: 05/04/2024 – ECB decision and US inflation to fuel FX volatility April 5, 2024
- Weekly Technical Outlook: 02/04/2024 – USDJPY, EURUSD, USDCAD April 2, 2024
- Weekly Technical Outlook: 02/04/2024 – USDJPY, EURUSD, USDCAD April 2, 2024
- Weekly Forex Outlook: 29/03/2024 – Rate cut hopes rest on US jobs report and Eurozone flash CPI March 29, 2024
- Weekly Technical Outlook: 26/03/2024 – USDJPY, EURUSD, Gold March 26, 2024
- Weekly Forex Outlook: 22/03/2024 – Markets quiet down after central bank frenzy March 22, 2024
USDCAD bounces off 200-day SMA
MACD and RSI are still weak
USDCAD is moving slightly higher following the rebound off the simple moving averages (SMAs), remaining within a short-term ascending channel.
Technically, the MACD oscillator is holding beneath its trigger line and near the zero level, weakening its momentum, while the RSI is pointing marginally up above the neutral threshold of 50.
If the market extends its advance higher, then the restrictive region within 1.3610-1.3655 could halt bullish actions. However, a successful climb higher could endorse the bullish outlook, meeting the 1.3770 resistance, taken from the peak on November 16.
On the other hand, if the bears take control and slip beneath the 200-day SMA the pair could pause its downward move at 1.3455 ahead of 1.3410. A decline below the five-month low of 1.3175 could also switch the bias to a bearish one.
To conclude, USDCAD has been in a steady upward movement since January 9 but needs more of a boost to have a clear bullish trend.
Related Posts: