USDCAD Roll Reversal – Technical Analysis

USDCADi, H4 - Technical Analysis

USDCAD is currently ranging support price level 1.24476 and resistance price level 1.27760; with our stochastic indicator neither showing an overbought nor oversold; moving averages 21/55 showing a good angle of separation but price hitting the 21 we could see LL or DB; coming from WM3 price has already hit WM2/WS1 weekly pivot point targets; roll reversal could take place and come up to resistance; retracting to fibonacci 38.2 line before a brake out to 124.6 line.

Source: MT4

USDCADi, Daily - Technical Analysis

USDCAD has been bearish since 8th May but found support at price level 1.24484; with our stochastic indicator showing the pair significantly oversold; moving averages 21/55 showing good angle of separation but price braking the 21 predicting a LL or DB; MM2 and support levels showing confluence; monthly pivot point targets predicting price to reach the MM4/MR2 zone.

Source: MT4

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