FX.co ★ Kool | USD/CAD

USDCAD 1-Hour Analysis: The trend of USD/CAD prices is continuing downward. Although it started to approach the bottom line again a few days ago at the beginning of this week, the price is still above it, suggesting that the downward trend is still ongoing. As the USD/CAD pair's price movement is adjusted back up, the price will likely trend positive over the next months. Many buy orders have been made in today's transaction. The price of the USD/CAD currency pair is now fluctuating between support and resistance. Since that range is the support level for the USD/CAD currency pair today in the event that the rate drops, I expect the price to drop to the range of 1.39847 if the currency pair descends tonight. If the price continues to rise, it is expected to hit the second resistance zone around 1.40847, which is located at 1.41147. If the USD/CAD currency pair is successful in breaking through the strongest resistance area of 1.40897, it may go toward the strongest resistance zone, which is in the current price range of 1.41047. As soon as I broke the first support area, I looked at the USD/CAD currency pair since I thought this currency combination was interesting. I expect the USD/CAD currency pair to strengthen or increase once again tonight. If it continues to strengthen or grow, it will eventually approach the resistance zone at 1.40997, the current price of the resistance area. If the price is unable to rise above its current support level of 1.39147, I believe it may drop to the second level of support. If the first resistance level at 1.40747 can be achieved, the price will likely move on to the second barrier level at 1.39047.