FX.co ★ Technical Analysis of Intraday Price Movement of USD/CAD Commodity Currency Pairs, Tuesday October 22, 2024.

With the successful penetration of the Ross Hook (RH) formed on the 4-hour chart of the USD/CAD commodity currency pair and its price movement moving above the EMA (21) which also has a slope that dives upwards has confirmed that buyers are quite dominant in the commodity currency pair, but with the appearance of deviations between the price movement of the currency and the Stochastic Oscillator indicator, it gives an indication that in the near future there will be a momentary weakening correction to the Equal Low area level of 1.3476 and as long as the weakening correction does not break and close below the level of 1.3703, then USD/CAD still has the potential to strengthen again where the level of 1.3848 will be the next level to be targeted, even if the momentum and volatility support today, then USD/CAD will continue to strengthen to the level of 1.3945.

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