USD/CAD Is in a Brief Rally, Reaches an Overbought Region at 1.2720

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USD/CAD Long-Term Analysis: Bullish
USD/CAD is in an upward transfer because it reaches an overbought area at 1.2720. The forex pair has not closed correctly above the transferring averages. It is more likely to face one other resistance at stage 1.2800. Meanwhile, on January 28 uptrend; a retraced candle physique examined the 61.8% Fibonacci retracement stage. The retracement signifies that USD/CAD will rise to stage 1.618 Fibonacci extension or stage 1.3012.

USD/CAD Indicator Analysis
USD/CAD is in an upward transfer because the index reaches stage 56 of the Relative Strength Index interval 14. The index value is more likely to rise as it’s above the transferring averages. The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways pattern. The pair is above the 75% vary of the every day stochastic. The forex pair is approaching the overbought area of the market. The present uptrend could also be short-lived.

USD/CAD – Daily Chart

Technical indicators:
Major Resistance Levels – 1.3300, 1.3400, 1.3500
Major Support Levels – 1.2300, 1.2200, 1.2100

What Is the Next Direction for USD/CAD?
On the 4-hour chart, USD/CAD is in an uptrend because it reaches an overbought area at 1.2720. The forex pair has risen to stage 1.2730 on the time of writing. The pair is more likely to face resistance at a excessive of 1.2800. In the earlier uptrend of January 27, USD/CAD was repelled because it declined to the low of stage 1.2650.

 USD/CAD Is in a Brief Rally, Reaches an Overbought Region at  1.2720USD/CAD – 4 Hour Chart

Note: isn’t a monetary advisor. Do your analysis earlier than investing your funds in any monetary asset or introduced product or occasion. We will not be accountable for your investing outcomes

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Our knowledge reveals merchants at the moment are net-long USD/CAD for the primary time since Sep 29, 2023 when USD/CAD traded close to 1.36.

Number of merchants net-short has decreased by 19.21% from final week.SYMBOLTRADING BIASNET-LONG%NET-SHORT%CHANGE IN LONGSCHANGE IN SHORTSCHANGE IN OIUSD/CADBEARISH51.44%48.56%5.67% Daily46.95% Weekly-10.42% Daily-19.21% Weekly-2.80% Daily5.15% Weekly of...