Technical Analysis of Intraday Price Movement of USD/CAD Comodity Currency Pairs, Wednesday May 03 2023.
May 3, 2023 4:23 am
If we look at the 4-hour chart of The Lonnie, you will see deviations between the USD/CAD price movement and the MACD indicator and supported by the Bearish 123 pattern. It seems that in the near future USD/CAD has the potential to be corrected down to test the 1.3527 level. If this level manages to break below then USD/CAD has the opportunity to continue its decline to the level of 1.3489 as the main target and the 1.3441-1.3388 area as the second target with a note that during its journey down to the targets mentioned there is no upward movement back to its initial bias, especially when it reaches break above the 1.3666 level because if this level is successfully broken, then all the downside correction scenarios previously described will become invalid and cancel automatically.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
If we look at the 4-hour chart of The Lonnie, you will see deviations between the USD/CAD price movement and the MACD indicator and supported by the Bearish 123 pattern. It seems that in the near future USD/CAD has the potential to be corrected down to test the 1.3527 level. If this level manages to break below then USD/CAD has the opportunity to continue its decline to the level of 1.3489 as the main target and the 1.3441-1.3388 area as the second target with a note that during its journey down to the targets mentioned there is no upward movement back to its initial bias, especially when it reaches break above the 1.3666 level because if this level is successfully broken, then all the downside correction scenarios previously described will become invalid and cancel automatically.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
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