FX.co ★ Noir | USD/CAD

USDCAD Price Trend: We are currently decoding the live price of the USD/CAD currency pair. I still have two short, low-volume USD/CAD trades. Just before the price started to decline, the second position was held. It is clear that USD/CAD is now in a consolidation period even without extensively scrutinizing the recent market fluctuations. The price began to drop a few hours ago, but considering the substantial compression, the movement wasn't as powerful as anticipated. Tomorrow, the bearish momentum will intensify, causing the pair to gradually drop. There don't seem to be many opportunities for buyers to change the current trend, and I don't think they will have a big effect on the present decline. The 38.1% Fibonacci retracement support level, which is around 61 points from the present price, is where the bears must drive the price. This amount of support is important and might serve as a ceiling. The pair seems to have a bright future as it approaches the bottom edge of the ascending channel on the daily hourly chart. False breakouts below this increasing trend are common, but the price eventually returns to it. In the longer term, we can now predict the cost to reach the conditional support zone, which is indicated by the lower moving Bollinger Band at 1.40057. A chance to purchase the asset in the medium to long term would arise if the pair reached this level, which would bring it to the lower limit of the ascending channel. The goal would be to test the resistance zones at 1.41757 and the high of 1.42647, which might occur in the next weeks. The trading day started out with a drop before rising in the direction of the resistance level at 1.40937. The sell signal from Wednesday was activated when the price fell below the 1.41027 support, which is still in effect. The price fluctuated around this resistance on Thursday and Friday.