USDCAD: UT/DT Curve Analysis
TECHNICALLY
Considering several technical indicators including the Ichimoku cloud, moving averages (EMA), and MACD/RSI, it seems probable that the upward trend for the USDCAD will persist.
From the available technical indicators, it seems that the market is currently on an upward trend and the bullish momentum is growing stronger.
FUNDAMENTALLY
Given the Federal Reserve's proactive stance on increasing interest rates, it is anticipated that the USD will strengthen in relation to currencies of central banks with more relaxed policies.
It will be intriguing to witness the clash between the optimistic and pessimistic viewpoints as interest rates rise and Canada, a major oil producer, encounters a surge in oil prices that could potentially benefit the Canadian dollar (CAD). Based on my analysis, it seems that oil is poised to emerge as the frontrunner in this competition.
CONCLUSION
It is important to exercise caution and approach this uptrend with care, as a potential pause in the Fed interest rate hike could lead to a decline in the USD, while oil prices continue to rise. This could potentially lead to a significant downward trend for USDCAD.
AGGRESSIVE TRADERS
Market Order Long, TP @ 1.3791 (Supply Zone, Distal)
MODERATE TRADERS
Sell Limit @ 1.3791 (Supply Zone, Distal), TP @ 1.3290
CONSERVATIVE TRADERS
Sell Stop @ 1.3654 (Supply Zone, Proximal), TP @ 1.3290
Professor C. E. Ward
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