USD/CAD could continue to gain altitude in the near future on the back of a bullish technical setup and hawkish Fed hike.
4-hour chart
-636808710926559695.png)
- Both pennant breakout and the ascending 50, 100, and 200 moving averages (MAs) indicate the bulls are in control. The RSI, however, is closing on overbought levels. As a result, the bullish momentum may wane or a pullback could be in the offing before further upside unfolds.
- Notably, the Fed left the markets behind the curve by forecasting two rate hikes in 2019. The American dollar, therefore, is likely to remain bid, while heading into the year’s end.
- So, the USD/CAD pair could soon find acceptance above 1.35 and rise toward the Dec. 2016 high of 1.3598.
- The bullish pressure would weaken if the pair closes below the ascending 10-day MA, currently at 1.3404.
Trend: Bullish
USD/CAD
Overview:
Today Last Price: 1.3494
Today Daily change: -1.0 pips
Today Daily change %: -0.00741%
Today Daily Open: 1.3495
Trends:
Previous Daily SMA20: 1.333
Previous Daily SMA50: 1.3206
Previous Daily SMA100: 1.3111
Previous Daily SMA200: 1.3037
Levels:
Previous Daily High: 1.3508
Previous Daily Low: 1.3415
Previous Weekly High: 1.3424
Previous Weekly Low: 1.3292
Previous Monthly High: 1.336
Previous Monthly Low: 1.3048
Previous Daily Fibonacci 38.2%: 1.3472
Previous Daily Fibonacci 61.8%: 1.3451
Previous Daily Pivot Point S1: 1.3438
Previous Daily Pivot Point S2: 1.338
Previous Daily Pivot Point S3: 1.3345
Previous Daily Pivot Point R1: 1.353
Previous Daily Pivot Point R2: 1.3565
Previous Daily Pivot Point R3: 1.3622
Share
