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USDCAD → Trend change, bullish mood, but...

2024-01-25 09:32 FOREX forecast

💡 Ideas For USDCAD 🇺🇸🇨🇦

📈 USDCAD → Trend change, bullish mood, but...

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USDCAD is forming a trend change. The completed correction, recovery and formation of a pre-breakout set-up hint at the continuation of growth

snapshot

A global trend is forming on D1, which indicates neutrality in the market. The price is moving mainly from the borders of the global range. A reversal pattern is forming against the support and the market is heading towards the resistance area. Bulls are interested in the blue area.

On H4, the level of 1.3528 is formed, a pre-breakdown consolidation is formed relative to the level. Earlier the price overcame the key boundary at 1.3487, which confirms the change of the pattern and the breakdown of the structure. The consolidation of the price at 1.3528 will favorably influence the continuation of growth to 1.3629.

Support levels: 1.3487, 1.3422, 1.3350

Resistance levels: 1.3528, 1.3629

An ascending pattern of price movement is formed locally. The chart indicates a bullish mood and local zones that are worth paying attention to for trading

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