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Trading signals for #USDCAD → Growth may continue after correction

2023-10-04 09:37 FOREX forecast

💡Ideas For USDCAD 🇺🇸/🇨🇦

📈 USDCAD → Growth may continue after correction

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#USDCAD is forming an impulse from the base of the ascending price channel. When breaking through the resistance mentioned earlier, we see active strengthening, which is also supported by the fundamental component

The DXY is in a bullish trend, as evidenced by the weekly chart on the left. The price is chasing a rise towards 107.5, which will make the currency pair strengthen.

On the USDCAD chart we see a local stop in front of the resistance at 1.3712, consolidation is forming, which may activate the correction phase. The correction may end with a retest of 1.3640 support or form a small pullback and a retest of 1.3712. In the future, I expect the continuation of active growth on the part of the currency pair. As a target I pursue the area of 1.3800.

Moving averages indicate bullish potential.

Support levels: 1.3690, 1.3640

Resistance levels: 1.3712

I expect the growth to continue after a small correction or consolidation. Target 1.3800

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#USDCAD 🇺🇸/🇨🇦

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