FX.co ★ hickle.manuela | Comprehensive Analysis in Trading: Mastering Methodologies

Hello traders. Based on the analysis of the 4-hour chart movement of the USD/CAD currency pair, we can see that the bulls are confidently continuing the medium-term uptrend that started on March 9th this year, not allowing the bears to develop a full downward correction. In fact, during the decline, the USD/CAD price did not even reach the Murray reversal level 6/8 at 1.3855, remaining well above the top of the Murray regression channel 5/8 at 1.3824, which already indicates a continuation of the upward trend. Currently, the US dollar against the Canadian dollar has risen above the 14-period moving average line, breaking through the key Murray resistance in the current trading range at 1.3916. I believe that with the support of the stochastic indicator, although its potential is diminishing in this wave, a rise in the USD/CAD price to test the extreme Murray level to the north at +2/8 — 1.3977 is possible, confirming further development of the uptrend.