FX.co ★ crystal66 | USD/CAD

Currency pair USD/CAD - D1 chart. The wave structure is forming its upward order as a descending structure has not been achieved yet after the upward structure started to form. The MACD indicator is in the overbought zone and is confidently rising above its signal line, which is favorable for buying. Looking back, we can see that at the end of April, the price reached the ascending support line. This line has a small slope angle, indicating strength. The support was in the form of an ascending line from which the price started to move up, slightly breaking it, but considering the breakout error, it can be said that there was none. Overall, looking at the major pairs in the market, there were significant technical moments supporting the strengthening of the US dollar. As a result, we see that throughout most of May, the price was steadily increasing. It was expected that the price would gradually rise to the descending resistance line, which could be drawn from the tops, and that's what happened. A pullback downwards may follow from this line, as indicated by the CCI indicator. At that time, it was in the overbought zone and showed a bearish divergence, but later I expect further growth with a breakout of the descending line, as the main target is 1.3964, or in other words, the high of this year. On Friday, June 5th, there were important news, the so-called Non-Farm Payrolls, employment data in the US. The figures came out better than expected, resulting in an overall strengthening of the US dollar in the market. I anticipate further strengthening of the US dollar, also considering other pairs, the overall perspective for its growth remains high. After reaching 1.3964, a descending correction is likely as zones beyond significant peaks are potential selling zones. Looking ahead, further growth towards 1.4143 looks promising as the update from 1.3964 initiated the third wave of a higher weekly period. The candlestick of the previous week closed with a hanging man pattern and showed a bearish divergence on the CCI. This gave hope for a reversal, but the news on the US interest rate strengthened the US dollar. During the rise, the price even exceeded the peak of 1.4143. Now there is a high probability of a downward correction. Gradually, we may even reach the 161.8 level.