FX.co ★ Technical Analysis of Intraday Price Movement of USD/CAD Commodity Currency Pairs, Wednesday July 26 2023.

Based on what we can see on the 4-hour chart, the USD/CAD commodity currency pair seems to be moving in a ranging condition, which is indicated by the movement of the CCI indicator, which moves within the range of -100 to 100 levels and the Moving Average, which moves between candlestick bodies. However, the movement from The Lonnie is still dominated by Buyers, which is marked by the movement of the USD/CAD price, which moves in the Bullish Pitchfork channel. Therefore, if USD/CAD succeeds in breaking above the Middle Line of the Bullish Pitchfork channel, USD/CAD will trade. there is an opportunity to continue the rally up to the 1.3242 level as the first target and the 1.3303 level and/or the upper channel of the Bullish Pitchfork but all of these scenarios may become invalid if on the way to the mentioned targets it suddenly drops back down past the 1.3118 level.

(Dsiclaimer)