Forex Analysis: USDCAD

Here I present another Forex Analysis for the USDCAD. First, we look at the Daily-Chart to get an overview of the USDCAD's current price. The price hovered back and forth between two psychological levels the last year. These two boundaries together form a trend channel! This is an uptrend, which means that the course has always been able to build higher highs and lows. Now we are currently directly at the lower part of the trend channel. Here, we go to the 4h-Chart to see more closely what the price has done since the touch.

In the 4h-Chart, we now get a deeper insight into what is currently happening. The course arrived at the trendline and could then rise from there to the next resistance level. Here the course turned and landed again at the lower trendline of the channel. Even with the second touch of the trendline, the price shot again to the north. As a Forex Trader you can wait, for example, until the resistance is broken. If the course overcomes the first resistance, I expect at least a run to the next resistance zone (light green).