USDCAD 2023 05 26 14 53 17 b7ca2

Weekly Technical Analysis Report 26 May – Bullish outlook on USDCAD

Weekly Technical Analysis Report 26 May – Bullish outlook on USDCAD

1. This week’s outlook on USDCAD: Bullish outlook seen

On the 4H timeframe, there is bullish order flow, forming higher highs and higher lows. Price tested a key resistance zone at 1.3650 on the 4H timeframe. A throwback to the key support zone at 1.3590, which is in line with the 38.2% Fibonacci retracement, and a break above the confirmation level at 1.3650 could provide bullish acceleration towards the resistance zone at 1.3780, which coincides with the 161.8% Fibonacci extension level. Price is holding above the Ichimoku cloud and 20 EMA, supporting our bullish bias.


Bullish Outlook on USDCAD- 26 May 2023 by Salzworth on TradingView.com

Salzworth Asset Management