USD/CAD Analysis: Navigating Resistance and Anticipating Trends
Hello Everyone,
The current USD/CAD exchange rate stands at its 1-day high of 1.34119, closely approaching the 1-week high of 1.34431. While short-term prospects suggest a potential for further buying, indications point towards a forthcoming decline in the long term. The currency pair is on the verge of encountering robust resistance levels at 1.345109 and 1.348583, recognized as significant barriers on both weekly and monthly charts.
The bullish trend observed over the past week is losing momentum and transitioning into a more neutral phase, with emerging bearish tendencies in the medium term (1-week time frame). Despite this, the 1-month perspective still reflects a strong bullish sentiment. This analysis leads to the anticipation of another upward push before any substantial downside movement takes place, a trend that is supported by observations on lower timeframes.
To confirm a definitive shift towards a bearish trend, attention is directed towards a crucial threshold—breaking below the yearly, monthly, and weekly pivot points would serve as a decisive confirmation for the anticipated bearish trajectory.
If you have a moment, I'd really appreciate your boost for my analysis. Your input would be truly valuable.
TradeWithTheTrend3344
The current USD/CAD exchange rate stands at its 1-day high of 1.34119, closely approaching the 1-week high of 1.34431. While short-term prospects suggest a potential for further buying, indications point towards a forthcoming decline in the long term. The currency pair is on the verge of encountering robust resistance levels at 1.345109 and 1.348583, recognized as significant barriers on both weekly and monthly charts.
The bullish trend observed over the past week is losing momentum and transitioning into a more neutral phase, with emerging bearish tendencies in the medium term (1-week time frame). Despite this, the 1-month perspective still reflects a strong bullish sentiment. This analysis leads to the anticipation of another upward push before any substantial downside movement takes place, a trend that is supported by observations on lower timeframes.
To confirm a definitive shift towards a bearish trend, attention is directed towards a crucial threshold—breaking below the yearly, monthly, and weekly pivot points would serve as a decisive confirmation for the anticipated bearish trajectory.
If you have a moment, I'd really appreciate your boost for my analysis. Your input would be truly valuable.
TradeWithTheTrend3344
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Revised 1D resistance thresholds are as follows: 1.353812, 1.351671, 1.350957, and 1.350244.