USD/CAD Bouncing at Trendline Support after Trudeau Resigns
Chart Analysis:
The USD/CAD pair has been in a steady uptrend, but recent price action shows signs of consolidation below the recent highs at 1.4450. The trendline support remains intact, keeping the bullish structure valid.
1️⃣ Key Support Zone:
The trendline from October lows aligns near 1.4300, acting as immediate support for the pair.
2️⃣ Moving Averages:
50-day SMA (blue): At 1.4111, providing dynamic support if the trendline breaks.
200-day SMA (red): At 1.3772, indicating the broader bullish bias.
3️⃣ Momentum Indicators:
RSI: At 60.26, cooling off from overbought levels, indicating room for further consolidation.
MACD: Positive but showing signs of a potential slowdown, with momentum waning slightly.
What to Watch:
A daily close below the trendline at 1.4300 could trigger further downside toward the 1.4111 support (50-day SMA).
Alternatively, holding above the trendline could attract buyers, pushing the pair back toward 1.4450 and potentially targeting new highs.
The bullish trend remains intact, but price action near the trendline will be critical in determining the next move.
-MW
The USD/CAD pair has been in a steady uptrend, but recent price action shows signs of consolidation below the recent highs at 1.4450. The trendline support remains intact, keeping the bullish structure valid.
1️⃣ Key Support Zone:
The trendline from October lows aligns near 1.4300, acting as immediate support for the pair.
2️⃣ Moving Averages:
50-day SMA (blue): At 1.4111, providing dynamic support if the trendline breaks.
200-day SMA (red): At 1.3772, indicating the broader bullish bias.
3️⃣ Momentum Indicators:
RSI: At 60.26, cooling off from overbought levels, indicating room for further consolidation.
MACD: Positive but showing signs of a potential slowdown, with momentum waning slightly.
What to Watch:
A daily close below the trendline at 1.4300 could trigger further downside toward the 1.4111 support (50-day SMA).
Alternatively, holding above the trendline could attract buyers, pushing the pair back toward 1.4450 and potentially targeting new highs.
The bullish trend remains intact, but price action near the trendline will be critical in determining the next move.
-MW
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