USD/CAD - 1H - Technical analysis published on 02/28/2024 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : LEVEL MAINTAINED
Summary of the analysis
Trends
Short term:
Strongly bullish
Underlying:
Strongly bullish
Technical indicators
61%
6%
33%
My opinion
Bullish above 1.3529 CAD
My targets
1.3642 CAD (+0.0068)
1.3688 CAD (+0.0114)
My analysis
All elements being clearly bullish, it would be possible for traders to trade only long positions (at the time of purchase) on USD/CAD as long as the price remains well above 1.3529 CAD. The buyers' bullish objective is set at 1.3642 CAD. A bullish break in this resistance would boost the bullish momentum. The buyers could then target the resistance located at 1.3688 CAD. If there is any crossing, the next objective would be the resistance located at 1.3809 CAD. However, beware of bullish excesses that could lead to a possible short-term correction; but this possible correction would not be tradeable.
In the very short term, the general bullish sentiment is confirmed by technical indicators. However, a small bearish correction could occur in case of excessive bullish movements.
Force
0
10
7.9
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This analysis was given by dtaccori. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The USD/CAD rating is 1.3574 CAD. The price registered an increase of +0.32% on the session with the lowest point at 1.3527 CAD and the highest point at 1.3606 CAD. The deviation from the price is +0.35% for the low point and -0.24% for the high point.1.3527
1.3606
1.3574
So that you have an overall view of the price change, here is a table showing the variations over several periods:
Near a new LOW record (1 year)
Type : Bearish
Timeframe : Weekly
New HIGH record (1st january)
Type : Bullish
Timeframe : Weekly
New HIGH record (1 month)
Type : Bullish
Timeframe : Weekly
Technical
A technical analysis in 1H of this USD/CAD chart shows a strongly bullish trend. 92.86% of the signals given by moving averages are bullish. This strongly bullish trend is supported by the strong bullish signals given by short-term moving averages. An assessment of moving averages reveals a bullish signal that could impact this trend:
Bullish price crossover with adaptative moving average 20
Type : Bullish
Timeframe : 1 hour
The probability of a further increase are moderate given the direction of the technical indicators.
Central Indicators, the scanner specialised in technical indicators, has identified these signals:
Pivot points : price is over resistance 1
Type : Neutral
Timeframe : Weekly
Pivot points : price is over resistance 2
Type : Neutral
Timeframe : 1 hour
Williams %R indicator is back over -50
Type : Bullish
Timeframe : 1 hour
The Central Patterns scanner, which studies chart patterns, resistances and supports, has identified these signals:
Near horizontal resistance
Type : Bearish
Timeframe : 1 hour
Resistance of channel is broken
Type : Bullish
Timeframe : 1 hour
The Central Candlesticks scanner which studies Japanese candlesticks did not detect anything.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 1.3508 | 1.3529 | 1.3566 | 1.3574 | 1.3688 | 1.3809 | 1.3871 |
| Change (%) | -0.49% | -0.33% | -0.06% | - | +0.84% | +1.73% | +2.19% |
| Change | -0.0066 | -0.0045 | -0.0008 | - | +0.0114 | +0.0235 | +0.0297 |
| Level | Minor | Intermediate | Intermediate | - | Intermediate | Minor | Major |
Attention could also be paid to pivot points to set price objectives:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 1.3442 | 1.3463 | 1.3497 | 1.3518 | 1.3552 | 1.3573 | 1.3607 |
| Camarilla | 1.3516 | 1.3521 | 1.3526 | 1.3531 | 1.3536 | 1.3541 | 1.3546 |
| Woodie | 1.3449 | 1.3466 | 1.3504 | 1.3521 | 1.3559 | 1.3576 | 1.3614 |
| Fibonacci | 1.3463 | 1.3484 | 1.3497 | 1.3518 | 1.3539 | 1.3552 | 1.3573 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 1.3354 | 1.3397 | 1.3450 | 1.3493 | 1.3546 | 1.3589 | 1.3642 |
| Camarilla | 1.3477 | 1.3485 | 1.3494 | 1.3503 | 1.3512 | 1.3521 | 1.3529 |
| Woodie | 1.3359 | 1.3400 | 1.3455 | 1.3496 | 1.3551 | 1.3592 | 1.3647 |
| Fibonacci | 1.3397 | 1.3434 | 1.3456 | 1.3493 | 1.3530 | 1.3552 | 1.3589 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 1.2947 | 1.3088 | 1.3260 | 1.3401 | 1.3573 | 1.3714 | 1.3886 |
| Camarilla | 1.3346 | 1.3375 | 1.3403 | 1.3432 | 1.3461 | 1.3489 | 1.3518 |
| Woodie | 1.2963 | 1.3096 | 1.3276 | 1.3409 | 1.3589 | 1.3722 | 1.3902 |
| Fibonacci | 1.3088 | 1.3208 | 1.3281 | 1.3401 | 1.3521 | 1.3594 | 1.3714 |
Numerical data
The following is the status of technical indicators and moving averages registered at the time this technical analysis was created:
Technical indicators
Moving averages
| RSI (14): | 62.98 | |
| MACD (12,26,9): | 0.0014 | |
| Directional Movement: | 18.7866 | |
| AROON (14): | 50.0000 | |
| DEMA (21): | 1.3582 | |
| Parabolic SAR (0,02-0,02-0,2): | 1.3595 | |
| Elder Ray (13): | 0.0007 | |
| Super Trend (3,10): | 1.3549 | |
| Zig ZAG (10): | 1.3583 | |
| VORTEX (21): | 1.1655 | |
| Stochastique (14,3,5): | 52.06 | |
| TEMA (21): | 1.3585 | |
| Williams %R (14): | -37.70 | |
| Chande Momentum Oscillator (20): | 0.0030 | |
| Repulse (5,40,3): | 0.0988 | |
| ROCnROLL: | 1 | |
| TRIX (15,9): | 0.0163 | |
| Courbe Coppock: | 0.45 |
| MA7: | 1.3517 | |
| MA20: | 1.3495 | |
| MA50: | 1.3426 | |
| MA100: | 1.3547 | |
| MAexp7: | 1.3575 | |
| MAexp20: | 1.3563 | |
| MAexp50: | 1.3541 | |
| MAexp100: | 1.3525 | |
| Price / MA7: | +0.42% | |
| Price / MA20: | +0.59% | |
| Price / MA50: | +1.10% | |
| Price / MA100: | +0.20% | |
| Price / MAexp7: | -0.01% | |
| Price / MAexp20: | +0.08% | |
| Price / MAexp50: | +0.24% | |
| Price / MAexp100: | +0.36% |
Quotes :
-
Real time data
-
Forex
News
Don't forget to follow the news on USD/CAD. At the time of publication of this analysis, the latest news was as follows:
-
Technical Analysis: 23/02/2024 – USDCAD uptrend loses power
-
Technical Analysis: 16/02/2024 - USDCAD retains upside pressure in ascending channel
-
USD/CAD Forecast February 16, 2024
-
Technical Analysis: 09/02/2024 - USDCAD retreats towards crucial trendline
-
USD/CAD Forecast January 30, 2024
This member declared not having a position on this financial instrument or a related financial instrument.
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