Is the USDCAD bullish way up to the roof of the channel?
According to the USDCAD 4-hour chart, it is noticeable that the market’s bullish movements starting around 1.2002 support continue after two months in the form of a bullish channel. In the previous report, the probability of moving the market to the resistance of Rand was 1,3,300, followed by a breakdown signal of 1.3250-1. 3263, and USDCAD continued to return from the bottom of the channel to a range of 1.3300-1.3818 above. Came.
In today’s trading, the US Dollar converted to Canada in the form of support at the Rand rate of 1,3,300 and crossed the 1,3318-strong recent high. If this rate supports the market, the market moves to the mid-range 1.3350, the highest level this year (1.3382) and the channel’s ceiling at Rs. 1.3400.
Conversely, if the drop downs return to the market and the pair falls below the Rand rate of 1,300, then the market could fall below the 1.3250-1.3332 channel and the bottom of the channel.
The Dollar Index has crossed the resistance again
On the daily chart, the four-month high of the US Dollar rally, which started around the 89-rand range, stalled after colliding with 96-97. Further, the US dollar faced sales pressures, which saw the downside of the market at around 93.37 and the entry of a neutral market between 97.93 and 37.39. Recently, market gains have been in the form of a two-month upturn channel. Last week, the Dollar continued to face bullish returns from the canal floor and was able to pass through again over the resistance range two weeks later.
As the US Dollar Index is out of phase, the re-entry of buyers on the market and passing above the mid-range of 97.550 would pave the way for the uptrend to reach the 98-rand and the canal.
Conversely, if the 97.50 unit rate saves its position as a resistance, it can limit upside movements and market returns to range 97-96.82 and the bottom of the channel.