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Weekly forecast US Dollar / Canadian Dollar technical chart

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (1.31438 to 1.30929). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

We would set buy orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

  • Beginning of entry zone (1.31438)
  • Ending of entry zone (1.30929)

DateSeptember 16, 2023 - 14:52
Currentrange bound
Forecastresumption of uptrend

Midterm forecast:

  • While the price is above the support 1.34074, resumption of uptrend is expected.
  • We make sure when the resistance at 1.36965 breaks.
  • If the support at 1.34074 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:

  • While the RSI support #1 at 46 is not broken, the probability of price decrease would be too low.
  • A peak is formed in daily chart at 1.36900 on 09/07/2023, so more losses to support(s) 1.34584 and minimum to Major Support (1.34074) 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 50.

Take Profits:

  1. 1.33154
  2. 1.34074
  3. 1.34584
  4. 1.36634
  5. 1.38000
  6. 1.39789
  7. 1.40500
  8. 1.46600
Click on the level to view price action history.