The secondary trend of USD/CAD is bullish on charts and price is trading above the trend line in its 4 hourly chart. In 4 hourly chart the price is sustaining below 200 day SMA and taking support of 50 day SMA indicating uptrend of the pair. It is having an important resistance at the level of 1.3997 and support at the level of 1.3883. If it breaks its resistance level on the upside and sustains above it then we can expect it to show further bullish movement in the pair.
INDICATORS:-
MACD is sustaining in its positive territory indicating the bullish trend in the pair. RSI is sustaining in its buying zone indicating the upcoming bullish trend in the pair. STRATEGY:
USD/CAD is looking bullish on charts for next few trading session. One can go for buy on lower level strategy for this pair for intra day to mid term positions in it.
Now since it broke below 1.3883 and made a double bottom at 1.3812, so how do you see it? Does it retain its bullish tone or has eased off. Because 55 sma and 200 sma are also broken.