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USDCAD- A Bullish Could Push The Price Higher

Published 11/29/2013, 07:16 AM
Updated 02/02/2022, 05:40 AM

The USD/CAD pair has broken out of an ascending triangle pattern a bullish pattern on a 4 hour time frame. If this pattern plays out completely, then we could easily see the price near the 1.078 resistance zone which is mentioned below. The volatility for the pair is low as the price is trading near the 20 day moving average and within the Bollinger band.

The RSI is showing the clear sign of divergence in relation to the price which means that while the price is making the higher high, the RSI is not confirming this. Therefore, the bias could be to the downside.
USD/CAD
Important Zones

Resistance zone
1.084-1.0780 Major
1.0658-1.0602 Minor

Support Zones
1.0415-1.0390 Minor
1.0298-1.0265 Major

Disclosure & Disclaimer:The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.

by Naeem Aslam

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