Weekly Technical Analysis Report 26 May – Bullish outlook on USDCAD
May 26, 2023
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
