Analysis

Canadian Greenback Forecast: USD/CAD Value Eying a Check of the Weekly Assist

USD/CAD Value Forecast, Charts and Evaluation

Eyes on Fed Chairman Paul’s speech at the moment about financial outlook and monitory coverage. USD/CAD Bearish momentum slows down.

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USD/CAD – Sellers Holding Hearth for Now

On June 19, USD/CAD broke beneath 1.3289 and kick began a selloff despatched the worth to the extent mentioned in our final replace at 1.3150. The worth rebounded after with the vendor possible taking earnings.

On June 18, the Relative Power Index (RSI) dipped beneath 50 beginning a bearish momentum. Right this moment, the oscillator studying is at 34 shut by the oversold bought territory.

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USD/CAD DAILY PRICE CHART (Mar 18, 2019 – JUn 25, 2019) Zoomed In

USD/CAD DAILY PRICE CHART (Mar 27, 2018 – JUnE 25, 2019) Zoomed Out

USDCAD price daily chart 25-06-19 Zoomed Out

Wanting on the each day chart we discover USD/CAD eying the decrease finish of the buying and selling zone 1.3150 – 1.3218 after failing on Friday to shut above the upper finish. Therefore, an in depth beneath the decrease finish would possibly see the worth buying and selling in direction of 1.3064 nevertheless, the highlighted weekly helps on the chart needs to be watched alongside the way in which. See the chart for extra particulars if the pair closed beneath 1.3064.

In flip, an in depth above the upper finish of the aforementioned buying and selling zone could lead on the worth in direction of 1.3289. The weekly resistance at 1.3250 needs to be monitored carefully.

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USD/CAD 4-HOUR PRICE CHART (Jun 7, 2019 – Jun 20, 2019)

USDCAD price 4H 25-06-19

Wanting on the four-hour chart, we discover USD/CAD discovered help on June 20 at 1.3150 then began a sideways motion. Subsequently, any break beneath this threshold might ship the pair in direction of 1.3112 though, the weekly help underlined on the chart must be thought of. See the chart for extra key ranges if the worth breaks beneath talked about ranges.

However, USD/CAD bounced on June 21 carving out a decrease excessive at 1.3230. Subsequently, a break above this degree might rally the worth to check the weekly resistance at 1.3250. See the chart to seek out out extra if the rally continues.

Written By: Mahmoud Alkudsi

Please be at liberty to contact me on Twitter: @Malkudsi

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