FxNews—USD/CAD uptrend resumed from 1.410, trading at approximately 1.418 as of this writing. The currency pair is currently trying to stabilize above the November 24 high at 1.418 despite the overbought signals from the Stochastic Oscillator.
Please note that markets expect a consolidation phase because the technical indicators suggest the American dollar is overpriced against Loonie. Therefore, triggering a buy order at a higher price is not advisable.
USDCAD Technical Analysis – 11-December-2024
The immediate support is at 1.415. A consolidation phase could emerge if bears push the USD/CAD prices below this level. If this scenario unfolds, the currency pair’s value could decline toward 1.410, a robust supply area offering a decent bid to join the bull market.
Please note that the USD/CAD’s trend outlook should be considered bullish as long as the pair trades above the 75-period simple moving average or the 1.406 mark.
That said, retail traders and investors should monitor 1.415, 1.410, and 1.406 support levels for bullish signals such as candlestick patterns.