Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis

USD/CAD is once again heading higher following a brief sideways period. Currently, the pair is trading 0.59% higher to 1.2738. The intraday resistance levels are at 1.2748 and 1.2777. The near-term support areas are at 1.2700 and 1.2669.

On the intraday charts, the technical indicators are presenting a strong bullish picture with the SMA-14 support line at 1.2599. The SMA-50 is indicating support at 1.2594. The pair is also keeping above the mid-band which is at 1.2544 with upper and lower bands at 1.2766 and 1.2323 respectively. The RSI is 69 and likely to enter the overbought zone. The current intraday and 4-hourly price patterns are bullish and indicate a higher weekly closing which makes the pair ideal for buy entries using around 1.2712 with a target of 50 to 60 pips and a stop-loss at 1.2674.

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