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16.08.2023 07:37 AM
USDCAD, H4 | Waiting for upside confirmation?
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The USD/CAD chart currently reflects a bullish trend, with the potential for continued upward movement if the price surpasses and sustains above the 1.3498 confirmation level. However, a bearish RSI divergence suggests the need for caution regarding a possible reversal. Key resistance levels include the 1.3565 overlap resistance with multiple Fibonacci confluences, and the 1.3650 overlap resistance aligned with the 78.60% Fibonacci projection. On the support side, the 1.3387 overlap support, reinforced by the 38.20% Fibonacci retracement, holds significance.

Dean Leo,
Analytical expert of InstaTrade
© 2007-2025

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