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Weekly forecast US Dollar / Canadian Dollar technical chart
Symbol USDCAD

Trading suggestion:

  • By appearing primary signs of entering the market, new entry zone and short-term targets would be published.

DateFebruary 11, 2023 - 20:44
Currentrange bound
Forecastresumption of uptrend

Midterm forecast:

  • While the price is above the support 1.32301, resumption of uptrend is expected.
  • We make sure when the resistance at 1.36826 breaks.
  • If the support at 1.32301 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:

  • The RSI downtrend #1 is broken, so the probability of resumption of uptrend is increased.
  • A peak is formed in daily chart at 1.34710 on 02/10/2023, so more losses to support(s) 1.33170 and minimum to Major Support (1.32301) is expected.
  • Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
  • Relative strength index (RSI) is 45.

Supports and Resistances:

  1. 1.46600
  2. 1.40500
  3. 1.36826
  4. 1.29158
  5. 1.28183
  6. 1.27277
  7. 1.24700
  8. 1.23010
  9. 1.22000
  10. 1.20060
Click on the level to view price action history.

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