FxNews—The U.S. dollar trades bullish against the Canadian dollar, approaching the August 5 high at 1.395, active resistance. Additionally, the Awesome Oscillator histogram is green, approaching the signal line from below. Concurrently, the Stochastic Oscillator and RSI 15 are climbing above 50, meaning the bull market strengthens.
That said, the primary trend should be considered bullish because the price is above the 100-period simple moving average.
USDCAD Technical Analysis – 6-November-2024
The August high at 1.395 is the immediate resistance. From a technical perspective, the uptrend should resume if the USD/CAD price exceeds 1.395. In this scenario, the next bullish target could be 1.417.
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Please note that the bullish outlook should be invalidated if USD/CAD dips below the 100-period SMA or the 1.387 mark.