Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis

USD/CAD is currently trading 0.12% higher to 1.2462 and it appears that the last week’s uptick might continue during this week as well. The intraday resistance levels are at 1.2478 and 1.2514. The near-term support areas are at 1.2436 and 1.2408.

On the intraday charts, the pair is keeping above the mid-band which is at 1.2388 while the contracting upper and lower bands are indicating a squeeze that may lead to upward momentum. The SMA-14 is indicating support at 1.2385 and the SMA-50 support line is at 1.2539. The RSI is at 51 and has an upwards curve. Following the intraday and 4-hourly price patterns the pair is ideal for buying entries on small dips towards 1.2435 with a target of 1.2485 with a stop-loss at 1.2395.

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