Breaking News
Investing Pro 0
Cyber Monday Extended SALE: Up to 60% OFF InvestingPro+ CLAIM OFFER

USD/CAD Unlocks Fresh 26-Month High

By XM Group (Trading Point )ForexSep 23, 2022 04:27AM ET
www.investing.com/analysis/usdcad-unlocks-fresh-26month-high-200630222
USD/CAD Unlocks Fresh 26-Month High
By XM Group (Trading Point )   |  Sep 23, 2022 04:27AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
 
USD/CAD
+0.31%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

USDCAD skyrocketed to a higher high on yesterday’s session at 1.3543, which is a new 26-month peak.

The pair looks to be creating a floor above the 1.3400 barrier while the RSI and the MACD oscillators are holding in overbought levels, suggesting that the next move may be to the downside.

Traders, however, would be more eager to buy if the price manages to surpass the nearby top at 1.3543. If this is successfully breached, then the rally may next rest somewhere near the 1.3715 resistance, taken from the peak in June 2020, while a closure above that level may push the market until the inside swing low of 1.3850, registered in April 2020.

On the flip side, the selling pressure could accelerate if the market deteriorates below the 1.3420 former strong support area. Such a move could next bring the 1.3225 key barrier under the spotlight, which if violated could trigger sharper losses probably towards the 20- and 50-day simple moving averages (SMAs) at 1.3190 and 1.3010 respectively.

Summarizing, USDCAD is expected to show improvement if the price overcomes the latest high. On the other hand, a sharp selling interest beneath the 200-day SMA and the long-term uptrend line is required to switch the outlook to negative. 

USDCAD
USDCAD

USD/CAD Unlocks Fresh 26-Month High
 

Related Articles

USD/CAD Unlocks Fresh 26-Month High

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email