USDCAD Analysis: Daily Timeframe
Conclusion for today’s USDCAD analysis: Price closing below ~1.31080 implies lower prices in the USDCAD.
USD CAD technical analysis for today is presented on the Daily timeframe which gives an insight into the long term development of price action. Trendlines, as well as the use of moving averages (200 and 50) are considered in this USDCAD analysis to help determine the possible path of future movement in price action.
Over 2 years of data is presented on the Daily timeframe from September 2017 to current date. The aforementioned period has seen the USDCAD move from an uptrend to the current sideways or ranging market ever since price hit a peak of 1.36625 on January 2, 2019.
The 200 moving average did provide support for the USDCAD from April 18, 2018 to June 21, 2019 before price broke and closed below it. This implies a bearish bias in the USDCAD.
Moreover, a move below the 200 moving average by the 50 moving average (indicated by yellow ellipse) on July 16, 2019 adds to the current bearish sentiment that is developing in the USDCAD.
Support zone (1.31334 to 1.31104) that coincides with the long term trendline is also drawn on the chart. A break below the lower boundary of support (1.31104) also would see price close below the long term trendline, which implies further strengthening of bullish momentum in the USDCAD.
Price closing above the 200 moving average instead undermines the bearish analysis and the bearish line would be the next target for the USDCAD as a minimum expectation.
USD CAD technical analysis for today is presented on the Daily timeframe which gives an insight into the long term development of price action. Trendlines, as well as the use of moving averages (200 and 50) are considered in this USDCAD analysis to help determine the possible path of future movement in price action.
Over 2 years of data is presented on the Daily timeframe from September 2017 to current date. The aforementioned period has seen the USDCAD move from an uptrend to the current sideways or ranging market ever since price hit a peak of 1.36625 on January 2, 2019.
The 200 moving average did provide support for the USDCAD from April 18, 2018 to June 21, 2019 before price broke and closed below it. This implies a bearish bias in the USDCAD.
Moreover, a move below the 200 moving average by the 50 moving average (indicated by yellow ellipse) on July 16, 2019 adds to the current bearish sentiment that is developing in the USDCAD.
Support zone (1.31334 to 1.31104) that coincides with the long term trendline is also drawn on the chart. A break below the lower boundary of support (1.31104) also would see price close below the long term trendline, which implies further strengthening of bullish momentum in the USDCAD.
Price closing above the 200 moving average instead undermines the bearish analysis and the bearish line would be the next target for the USDCAD as a minimum expectation.
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