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The USD/CAD pair has been gradually rising, following the expected positive outlook. It touched the first technical station at 1.3920 after reaching its highest level during the current session’s early trading at 1.3915.
Technical Outlook – 4-Hour Timeframe
The pair successfully broke the resistance level of 1.3880, which has now turned into support, in line with the principle of role reversal. This is supported by the 50-day Simple Moving Average, which continues to provide dynamic support for the movement. Additionally, the clear positive momentum on the Relative Strength Index (RSI) increases the likelihood of a continued ascent.
Probable Scenario
We may see a continued rise, targeting 1.3940 as the first resistance level. A break above this would reinforce gains, directly opening the way to 1.3975 as the next target, as long as trading does not fall below 1.3880.
A slip below 1.3880 would postpone the upward opportunities but not cancel them out. We may see a retest of 1.3850, a key support area, before attempts to rise again.
Fundamental Note:
We are awaiting high-impact economic event today, namely “Jerome Powell’s speech at the Jackson Hole Economic Symposium throughout the day.” This event could cause strong price volatility.
Warning
The risk level is elevated amid current trade and geopolitical tensions, and all scenarios could be possible.
Disclaimer
Trading in CFDs involves risks, and therefore all scenarios are subject to potential outcomes. The analysis provided above is not a recommendation to buy or sell but rather an illustrative reading of price action on the chart.
| S1: 1.3880 | R1: 1.3850 |
| S2: 1.3820 | R2: 1.3940 |
| S3: 1.3975 | R3: 1.4010 |
