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Weekly forecast US Dollar / Canadian Dollar technical chart
Symbol USDCAD

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (1.2080 to 1.2010). 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 (1.2080)
  • Ending of entry zone (1.2010)

DateJanuary 22, 2022 - 20:44
Currentrange bound
Forecastresumption of uptrend

Midterm forecast:

  • While the price is above the support 1.22840, resumption of uptrend is expected.
  • We make sure when the resistance at 1.29470 breaks.
  • If the support at 1.22840 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the peak at 1.27987 on 2021-11-26 and the peak at 1.2963 on 2021-12-20, the probability of uptrend continuation is decreased and the probability of beginning the correction wave is increased.
  • A trough is formed in daily chart at 1.2449 on 01/19/2022, so more gains to resistance(s) 1.2638, 1.2837, 1.2885 and maximum to Major Resistance (1.2947) 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.

Take Profits:

  1. 1.2199
  2. 1.2359
  3. 1.2470
  4. 1.2885
  5. 1.3420
  6. 1.3710
  7. 1.4050
  8. 1.4660
Click on the level to view price action history.

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