USDCAD pair’s last intraday closing has formed a bearish engulfing pattern that will mark the ongoing uptrend in the coming days. The intraday support levels are at 1.3552 and 1.3482. The intraday resistance levels are at 1.3759 and 1.3897.
USD/CAD Technical Outlook
The Stochastic, Bollinger Bands, and Relative Strength Index have turned bullish to neutral. The Average True Range indicates low volatility while the Moving Average Convergence Divergence is below the zero line.
|
Stochastic |
Bollinger Bands |
ATR |
MACD |
RSI |
|
Neutral (42) |
Neutral (1.3638) |
0.0131 (Volatility Down) |
Above Zero (0.0171) |
61 (Neutral)) |
Using multiple indicators adds more value to the analysis. It helps to find the right entry and exit levels and also to analyze multiple timeframes.
Related Article: AUD/USD Daily Outlook and Trade Signal
USD/CAD Support and Resistance levels – Short-Term
|
S 1 |
S 2 |
S 3 |
R 1 |
R 2 |
R 3 |
|
1.3552 |
1.3483 |
1.3345 |
1.3759 |
1.3897 |
1.3966 |
The support and resistance levels play a key role in trading. As a trader, you should analyze various support and resistance levels on different timeframes and gradually check these levels to determine the entry and exit levels.
Pivot Points
|
1 hour |
4 hours |
Daily |
Weekly |
Monthly |
|
1.3609 |
1.3602 |
1.3690 |
1.3743 |
1.3541 |
USD/CAD Trading Ranges
USD/CAD Daily Trading Range: 1.3568 – 1.3653
USDCAD Weekly Trading Range: 1.3568 – 1.3827
USDCAD Monthly Trading Range: 1.3568 – 1.3827
USD/CAD Yearly Trading Range: 1.2403 – 1.3835
Related Article: GBPUSD Forecast and Daily Trade Signal
USD/CAD Trading Idea – 4-OCT-2022
The USDCAD pair has been rising for more than three weeks. However, near the current price level, bulls have strong resistance. Yesterday’s closing has also formed a bearish engulfing pattern, making the pair ideal for selling entries using the following levels.
Signal Direction: Sell
Signal Timeframe: Daily
Entry: 1.3702
Stop-loss: 1.3833
Take Profit: 1.3571
USD/CAD Upcoming Levels to Monitor
The 1.3600 is the key support level, and a breach below this area will extend the downside and help bears move toward the 1.3520 and 1.3500 support levels. On the upside, an intraday closing above 1.3670 is needed to continue the bullish trend, which seems unlikely.
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