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USDCAD Entries at 1.412 is Expected Amid Bull Market

USDCAD is in a robust bull market amid bearish divergence and overbought signals. Patience is advised before joining the bull market. A dip toward 1.412 could provide decent, low-risk entry points.

Traders and investors should closely monitor the key support levels for bullish signals, such as candlestick patterns.

USDCAD Entries at 1.412 is Expected Amid Bull Market
USDCAD Entries at 1.412 is Expected Amid Bull Market

USDCAD Technical Analysis – 17-December-2024

The U.S. dollar is in a strong bull market against Loone (CAD), trading at approximately 1.425. This is because the prices are above the 75-period simple moving average, and the Awesome Oscillator histogram is above zero.

However, the Stochastic Oscillator has just stepped down from overbought territory. Meanwhile, RSI 14 and AO bars show bearish divergence. These developments in the technical indicators suggest caution when approaching the market.

USDCAD Nears Overbought: Time to Plan Your Entry

USDCAD Entries at 1.412 is Expected Amid Bull Market
USDCAD Entries at 1.412 is Expected Amid Bull Market

From a technical perspective, it is not advisable to join a bull market when it is saturated from buying pressure. Hence, we suggest waiting patiently for USD/CAD to begin a consolidation phase near the 1.412 mark, backed by the 75-period SMA.

Please note that the bears must close and stabilize prices below 1.419 for this scenario to unfold.

Traders and investors should monitor 1.419 and 1.412 for bullish signals, such as candlestick patterns, to plan their buying strategies.

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