FX.co ★ baalik | GBP/USD

Market Analysis: USD/CAD Pair Focus on H4 Time Frame Based on the market conditions outlined by the chart below, it can be observed that the USD/CAD pair experienced an uptrend in the previous week, reaching a price level of approximately 1.3790. However, this week has shown bearish movement, where sellers attempted to weaken the candlestick positions, resulting in a downtrend that ultimately saw prices drop to around 1.3679. Today, a rebound occurred, moving the price away from its lowest point, and by the evening, it had risen to approximately 1.3745. If we consider the market's opening position at the beginning of the week, which was at 1.3761, and the current price position—now trending bearish within a narrow range—we can infer that buyers are attempting to rally the price following recent downward corrections. It is possible that this bullish journey may continue into tonight or tomorrow. As a point of comparison, the candlestick positions are comfortably above the 100-period simple moving average line, suggesting that the price could potentially resume its upward trajectory similar to the previous week’s trading activity. Thus far, the price position indicates bullish sentiment, in line with the trends established since the beginning of the week. However, as is typical in the market, the Asian session is currently quiet. I would recommend waiting for the European and American trading sessions to see an increase in transaction volumes. Forecasting market trends, there is a likelihood that buyers will make their presence felt in the USD/CAD pair, aiming to test higher price areas. It’s advisable to look for a buy position if the price manages to rise again to around the 1.3761 area, as price corrections or consolidations often occur from morning to evening. Therefore, it is wise to avoid rushing into transactions since the market is currently susceptible to price corrections or consolidation phases. Transaction Options: Buy at 1.3761 area Take Profit: 1.3801 Stop Loss: 1.3730 In conclusion, monitoring the price movement carefully and waiting for the right conditions will be crucial for making informed trading decisions in the USD/CAD currency pair.