For Traders

Analytical Reviews

Technical analysis

20.02.202405:20 Forex Analysis & Reviews: Technical Analysis of Intraday Price Movement of USD/CAD Commodity Currency Pairs, Tuesday February 20, 2024.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

So far as we can see, on the 4 hour chart, USD/CAD commodity currency pairs, there is a Rising Wedge pattern followed by the Stochastic Oscillator indicator which will enter the Overbought area level in the near future, so it is predicted that Loonie will try to test resistance level of 1,3550. If Resistance level able to hold USD/CAD and won't continue the strengthening to break above the level 1,3585, then USD/CAD has the potential to fall down to its weakness until the level of 1,3459. If this level manage to breaks, then USD/CAD has the potential to continue its weakness to the level 1,3425 as the main target and level 1,3333 as the next target.

(Disclaimer)

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.