FX.co ★ Technical Analysis of Daily Price Movement of USD/CAD Commodity Currency Pairs, Monday February 05, 2024.

If we look at the daily chart of the USD/CAD commodity currency pair, we can see a Descending Broadening Wedge pattern which is also confirmed by the appearance of deviations between price movements and the Stochastic Oscillator indicator which also happens to form a Double Bottom pattern so that in the next few days The Lonnie has the potential to strengthen and try to break above the 1.3542 level. If this level is successfully broken above, USD/CAD will be able to easily go to the 1.3617 level as the main target and if the momentum and volatility are supportive enough then the 1.3842 level will be the next target to be aimed at as long as it takes note during the journey towards To these targets, there will be no downward correction that penetrates below the 1.3227 level because if this level is penetrated, the strengthening scenario that has been described will become invalid and cancel itself.

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