FX.co ★ Technical Analysis of Daily Price Movement of USD/CAD Commodity Currency Pairs, Tuesday February 21, 2023.

If we look on the daily chart of USD/CAD commodity currency pairs there is a few interesting things as follows:

1. The appearance of Bullish 123 pattern followed by Ross Hook (RH),

2. There is a deviation between price movement with CCI indicator.

3. The appearance of Vegas pattern on CCI Histogram indicator (20).

4. Both Sidewinder indicator in green which means Volatile/ really trending.

5. Chopzone indicator in Blue/Cyan which means = Bullish Trend.

6. Zero Line indicator in green which means Bullish.

Based on 6 facts above we can conclude that if The Loonie now is in a healthy Bullish condition so that in the nearest time Ross Hook 1.3537 will try to break by this commodity currency pairs, as long as there is no downward correction beyond the 1.3228 level, USD/CAD has the potential to appreciate to the 1.3705 level as the first target and if the volatility and momentum at The Loonie is still sufficient to support the bull movement then it is possible that the 1.3978 level will become the second target.

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