FX.co ★ Aldreda | USD/CAD

USD/CAD. The USD/CAD currency pair. We bring to your attention the currency pair of the American and Canadian dollar on a daily, hourly basis to more effectively consider the current market situation and possible promising situations for further price development to obtain a stable profit. The currency pair shows us a downward southern trend with constant fluctuations and corrections inside large candles on small timeframes. On Friday, the market stopped at 1.3745, and in my opinion, the southern correction is not over yet. We will go even further and lower to the next support zone, which is indicated to us by the average moving line of the Bollinger indicators, zone 1.3643; this may be worked out within the next working week, depending on the volatility instrument and the aggressiveness of the trend itself. The prospects for southern mining are quite great, but we have not yet achieved global resistance. Yesterday on Friday, the continuation of the south was confirmed upon breaking through the next support at 1.3739, but the slow decline could turn upward at any time, based on the readings of the 4-hour growth index, which is currently in the buy zone. That is why, on a weekly scale, the growth has not ended and may continue until the weekly support of 1.3721 is broken. The quote fluctuated in the range of 1.3803 and 1.3722 on the previous trading day.The currency pair showed technical progress in the north in the European trading session, but in the form of a northern price tail, after which it formed a southern price reversal within the day and rushed down, but not much; the closing of the trading day ultimately shows a moderate decline. The quote remains within the consolidation zone, with its southern border at 1.3700. In general, it has drawn a systematic moderate decline as a downward price structure in recent days. It is in this support that the current week ended, and a break below will mean a further decline to the lower line of the daily ascending channel in the area of 1.3590. In a word, now we need to wait for the breakout of the weekly support at 1.3721 and start selling, but with such a slow movement of USD/CAD, this could happen in the middle of the next week if nothing changes. The forecast worked out, one might say, point for point; Friday’s minimum was 1.3722. The price dropped to a minimum of 1.3723 and, having updated it by one point, bounced up, giving a reaction to liquidity and imbalance from the H4 timeframe. If we consider the weekly timeframe, then a red pin bar was formed on it from the level of 1.3840, which may have further consequences in the form of an attempt to reverse the trend downward. Although this will not be so fast, the weekly timeframe imposes its limitations, but at this moment, it is worth paying attention to next week.