Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis

USD/CAD bullish momentum is accelerating as the pair moves above the 1.2500 mark. The current price is at 1.2516 with immediate resistance levels at 1.2541 and 1.2559. The intraday support levels are at 1.2484 and 1.463.

On the intraday charts, the current price is heading towards the SMA-50 resistance line which is at 1.2532. The SMA-14 is indicating support at 1.2413. The mid-band is at 1.2394 and the expanding bands are indicating further volatility ahead. The RSI is at 57 and supports the bulls and the MACD also favors the bullish momentum. The intraday and 4-hourly price patterns are equally bullish and favor selling entries using around 1.2510 with a target of 1.2555 and a stop-loss at 1.2474.

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