The analysis provided by Brokerir suggests a potential bullish move in USD/CAD from 1.42932 to 1.43455 in the short term. Below is a detailed breakdown of the technical reasoning behind this forecast.
Technical Analysis & Chart Structure
On the 30-minute chart, we can see that USD/CAD has successfully broken through the 1.42932 resistance level, which has now turned into a support zone. Following this breakout, the price has undergone a minor pullback and is currently stabilizing around 1.42941. This price action indicates a retest of the new support, which could lead to a continuation of the uptrend.
MACD Indicator & Bullish Momentum
A key factor in this analysis is the MACD (Moving Average Convergence Divergence) indicator, which confirms positive momentum:
MACD moving averages are converging, signaling a potential bullish continuation.
The MACD histogram is in the positive zone, indicating increased buying pressure.
A crossover between the MACD line and the signal line strengthens the bullish outlook.
Target Zone: 1.43455
The upside target for this move is 1.43455, which serves as the next key resistance level. This target is based on:
A previous resistance zone that played a strong role in past price action.
A level aligned with the last significant swing high, where liquidity is likely to be attracted.
A potential price reaction once this level is reached, possibly leading to a short-term consolidation or retracement.
Conclusion
Based on the technical structure, USD/CAD is expected to rise toward 1.43455 as long as the 1.42932 support level remains intact. A sustained break above this level could further strengthen the bullish case.
This analysis is provided by Brokerir and represents a professional perspective on the current USD/CAD market conditions.
Technical Analysis & Chart Structure
On the 30-minute chart, we can see that USD/CAD has successfully broken through the 1.42932 resistance level, which has now turned into a support zone. Following this breakout, the price has undergone a minor pullback and is currently stabilizing around 1.42941. This price action indicates a retest of the new support, which could lead to a continuation of the uptrend.
MACD Indicator & Bullish Momentum
A key factor in this analysis is the MACD (Moving Average Convergence Divergence) indicator, which confirms positive momentum:
MACD moving averages are converging, signaling a potential bullish continuation.
The MACD histogram is in the positive zone, indicating increased buying pressure.
A crossover between the MACD line and the signal line strengthens the bullish outlook.
Target Zone: 1.43455
The upside target for this move is 1.43455, which serves as the next key resistance level. This target is based on:
A previous resistance zone that played a strong role in past price action.
A level aligned with the last significant swing high, where liquidity is likely to be attracted.
A potential price reaction once this level is reached, possibly leading to a short-term consolidation or retracement.
Conclusion
Based on the technical structure, USD/CAD is expected to rise toward 1.43455 as long as the 1.42932 support level remains intact. A sustained break above this level could further strengthen the bullish case.
This analysis is provided by Brokerir and represents a professional perspective on the current USD/CAD market conditions.
Trade closed: target reached
Boom Booom Booom.... Target 90% reached ... Position Closed
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.