The USDCAD pair is currently trading on a multiyear high, which is also a strong resistance area. The intraday support levels are at 1.3649 and 1.3576. The near-term resistance areas are at 1.3786 and 1.3850. Currently, the majority of the technical indicators are presenting an oversold condition.
USD/CAD Technical Outlook
The RSI (Relative Strength Index), Stochastic, and Bollinger Bands are in the overbought zone. The Average True Range (ATR) indicates low volatility while the MACD is above the zero line. The current price of the USDCAD pair also keeps above the 20, 50, and 100 period moving averages.
|
Stochastic |
Bollinger Bands |
ATR |
MACD |
RSI |
|
Over Bought (88) |
Over Bought (1.3762) |
0.0113 (Volatility down) |
Above Zero (0.0183) |
83 (Over Bought) |
Technical indicators help to understand the overall direction of the market. The Fxdatapanel Algorithm uses technical indicators and proven trading strategies to analyze and issue trade signals.
USD/CAD Support and Resistance Levels (Short-Term)
|
S 1 |
S 2 |
S 3 |
R 1 |
R 2 |
R 3 |
|
1.3649 |
1.3576 |
1.3512 |
1.3786 |
1.3850 |
1.3923 |
The Fxdatapanel Smart analysis report provides detailed information, including expert opinion, trade signals, support and resistance levels, trading ranges, and much more.
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USD/CAD Pivot Points
|
1 hour |
4 hours |
Daily |
Weekly |
Monthly |
|
1.3786 |
1.3765 |
1.3713 |
1.3478 |
1.3000 |
USD/CAD Trading Ranges
USD/CAD Daily Trading Range: 1.3715 – 1.3801
USDCAD Weekly Trading Range: 1.3559 – 1.3808
USDCAD Monthly Trading Range: 1.2954 – 1.3808
USD/CAD Yearly Trading Range: 1.2403 – 1.3808
USD/CAD Trading Idea – 28-SEP-2022
The 1.3800 is a strong resistance area, and bulls require an intraday closing above this level. Failing to achieve that will likely send lower prices toward the 1.3720 support area. At the same time, a breach below 1.3720 will strengthen the bears, and the chances of a significant decline will be higher in the coming days.
Signal Direction: Sell
Signal Timeframe: Daily
Entry: 1.3837
Stop-loss: 1.3950
Take Profit: 1.3611
Related Article: USD/JPY Forecast (Daily) and Trade Signal
USD/CAD Upcoming Levels to Monitor
The 140.00 is a strong resistance level; only an intraday closing above this level will ensure further bullish momentum toward the next resistance area. On the downside, an intraday closing below 139.00 will be ideal for the bears to take control further and drag the price lower toward the 138.39 support level.
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