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Weekly forecast US Dollar / Canadian Dollar technical chart
Symbol USDCAD

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Trading suggestion:

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

DateJanuary 23, 2021 - 21:37
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 1.26300, beginning of uptrend is expected.
  • We make sure when the resistance at 1.29300 breaks.
  • If the support at 1.26300 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the trough at 1.2706 on 2020-12-10 and the trough at 1.25885 on 2021-01-21, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • While the RSI downtrend #1 is not broken, bearish wave in price would continue.
  • A trough is formed in daily chart at 1.2586 on 01/21/2021, so more gains to resistance(s) 1.2815 and maximum to Major Resistance (1.2930) is expected.
  • Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
  • Relative strength index (RSI) is 48.

Supports and Resistances:

  1. 1.4665
  2. 1.4130
  3. 1.3850
  4. 1.3645
  5. 1.3420
  6. 1.3235
  7. 1.3100
  8. 1.2815
  9. 1.2525
  10. 1.2250
  11. 1.2060
Click on the level to view price action history.

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