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The USD/CAD pair has successfully held above the crucial 1.3690 support level, indicating a potential shift towards a bullish bias.
Technical Outlook
On the 4-hour chart, the Stochastic oscillator is showing positive crossover signals, suggesting a potential increase in upward momentum. Additionally, the Relative Strength Index (RSI) is attempting to stabilize above the 50 midline, further supporting the bullish outlook.
Upward Potential
In the coming hours, we may see an upward bias in the pair, targeting 1.3775 as the first resistance level. A break above this level could extend gains towards 1.3810.
Downside Risk
However, traders should remain cautious as a close below the 1.3690 support level on the hourly chart could trigger a bearish reversal. In this scenario, the price could drop towards 1.3610.
Key Levels
- Support: 1.3690, 1.3610
- Resistance: 1.3775, 1.3810
Important Note:
The release of high-impact economic data today, including the Bank of England’s interest rate decision and the U.S. unemployment benefits claims, could induce significant price volatility. Traders are advised to closely monitor the market’s reaction to these data releases.
Disclaimer
This analysis is for informational purposes only and does not constitute financial advice. Trading foreign exchange involves risk, and traders should always conduct their own research and exercise caution.
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