The USD/CAD reached a new high in 2024, rising to its highest level since March 2020. The main upside target from then 1.4348with today's high coming just shy of 1.4331. A steady upward movement 1.4348 that would indicate further bullish momentum, reinforcing buyers' control and extending the ongoing trend higher. In such moving markets, buyers have strong control so that sellers can definitely reverse the trend.
On the other side, the focus shifts to key support levels on the hourly chart, which shows if sellers are starting to gain traction. The first emergency aid is at 1.4303near the underside of a broken front line at the top. A move below this level could open the door for a further negative test, but additional levels would need to be broken to confirm a move in trend.
The next major support is the high from Monday's trade at 1.41703which also aligns with a swing low from yesterday. Below that, the 100-hourly moving average (MA) rise at 1.4253 provides another critical level to observe. As long as the price remains above these bearish levels, buyers will be in full control. Sellers must definitely break below these supports to show that they can regain control of the market.
Technical Analysis: USD/CAD
-
Resistance Levels:
- Major High: 1.4331 (today's high).
- Great Attendance: 1.4348 (high since March 2020).
- A sustained break above this level would indicate further bullish momentum and a continuation of the trend.
-
Support levels:
- Getting started support: 1.4303 (Outside the broken trend line on the hourly chart).
- A move below this level could indicate an upside check.
- Next Target: 1.41703 (High from Monday and swing low from yesterday).
- This level acts as a secondary support for sellers to gain confidence.
- Emergency support: 1.4253 (rising 100-hourly moving average).
- A break below this would indicate a move towards seller control.
- Getting started support: 1.4303 (Outside the broken trend line on the hourly chart).
-
Market trends:
- Buyers will have strong control as long as the price remains high 1.4303 and other infamous targets.
- Sellers must break down below 1.4303, 1.41703and the 100-hour MA at 1.4253 move for them.
-
Main focus:
- Look for a breakout above 1.4348 to confirm continued bullish dominance.
- Monitor hourly support levels to determine if sellers can gain control.
