FX.co ★ SuiiFX | USD/CAD

USDCAD Price Analysis: We're in the process of evaluating the USD/ CAD currency pairs present price performance analysis. The MACD indicator is above zero and green, while the RSI indicator shows a pink line above the blue one. These consistent trading indicators suggest an excellent opportunity to buy this currency pair. However, waiting for the price to pull back to the average level of the CCI indicator at 1.36850 is advisable. Throughout most of the month, the cost of this pair has been rising since the 12th and has not stopped yet. The wave structure remains ascending, with the MACD indicator growing in the upper buy zone and above its signal line. Significant growth could have been likely in the development, such as a descending line drawn along the tops of the waves and horizontal resistance levels. This years high, reached in April, has been surpassed but has yet to be updated. They continue to rise, given the ongoing upward trend and the start of the third wave. By applying the Fibonacci grid to the first wave, the target level of 161.7 is just above last years maximum, indicating that the price will likely aim for that level.

For intraday trading, the strategy should remain bullish. However, a pullback to the support level is possible since the CCI indicator suggests this by indicating a move out of the upper overheating zone. Buying at the peak may offer little potential due to the high probability of a correction. If the price pulls back to the support level of 1.36150, it will create an excellent zone to look for buy formations over shorter periods. On the M30-H1 time frames, watch for the formation of a mirror level where resistance turns into support and work upwards from there.