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R.Linda Trading - forecast

USDCAD - Breakout. One step away from distribution...

2024-10-04 10:01 FOREX forecast

👑 Ideas For #USDCAD 🇺🇸🇨🇦

📈 Breakout. One step away from distribution...

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USDCAD makes an attempt to break through the resistance of the “wedge” consolidation on the background of a growing dollar, the reasons for which are economic data from the USA. NonFarm Payrolls are ahead!

On the weekly timeframe, the currency pair is bouncing off the support trendline and heading towards resistance, the pattern as a whole resembles an ascending triangle. But still it is a global sideways range. The movements in it are quite difficult and the price is dragging between the local levels. Ahead is the NFP report, which may become an engine for the price, and based on the assumptions from Wednesday and ADP NonFarm we can assume that on this background the growth of the dollar and the currency pair may continue.

Technically, the bulls are trying to hold the defense above the previously broken resistance. The impulse is beginning to form...

Resistance levels: 1.358, 1.364

Support levels: 1.353, 1.347

If the bulls keep the price in the new plane (buying zone), the price may reach the nearest targets quite quickly. If the news will be favorable, then in this case a rally to the distant targets may be formed. Unpredictable data will bring the currency pair back to the range and may bring the price down to 1.347

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