USD/CAD extend the consolidation from 1.3860 last week. In this article, we’ll detail USD/CAD Weekly Technical Forecast for Week 13, 2023.
USD/CAD Technical Outlook
Initial bias remains neutral first. Further rally is expected as long as 1.3629 support holds. Firm break of 1.3860 will target 1.3976 high. However, break of 1.3629 will mix up the near term outlook and bring deeper pullback to 55 day EMA (now at 1.3578).
The Bigger Picture
In the bigger picture, the up trend from 1.2005 (2021 low) is still in progress. Break of 1.3976 will confirm resumption and target 61.8% projection of 1.2401 to 1.3976 from 1.3261 at 1.4234. Firm break there will pave the way to long term resistance zone at 1.4667/89 (2016, 2020 highs). On the downside, break of 1.3261 support is needed to confirm medium term topping. Otherwise, outlook will remain bullish even in case of deep pull back.
The Long Term
In the longer term picture, price actions from 1.4689 (2016 high) will be seen as a consolidation pattern only, which might have completed at 1.2005. That is, up trend from 0.9506 (2007 low) is expected to resume at a later stage. This will remain the favored case as 55 month EMA (now at 1.3003) holds.
Follow the 3 simple steps below to start trading and making great profits from the Forex market:
- Open a live account with Instaforex Nigeria.
- Deposit Funds Into your account with as little as $10.
- Download our Metatrader 4 and start trading.
You can also CONTACT US if you encounter any problems while opening your live account or depositing funds into your account.
Disclaimer: All investments and trading in the stock market involve risk and is a personal decision. This article from Instaforex Nigeria is only meant to create and increase awareness about Forex trading.