Recently, the USD/CAD pair reached a significant high of 1.3840 in September and October. Following this peak, the price experienced a pullback, dropping to around 1.3740. However, on October 17, the price rebounded and is currently hovering near the 1.3800 level.
A crucial resistance level is observed at 1.3850, where the pair has previously faced downward pressure multiple times. The 50 EMA indicates a strong uptrend in the four-hour timeframe, suggesting bullish momentum.
Regarding support levels, the current short-term support is located at 1.3770, with the next level at 1.3715. Immediate resistance can be found at 1.3830 and 1.3890.
USD/CAD Price Prediction: We anticipate that USD/CAD will maintain its upward trajectory in the upcoming sessions. The price may revisit 1.3830; if it stabilizes at this level, the next bullish target could be 1.3890. It’s important to note that the market might retest the 1.3770 level before targeting higher levels.
Conversely, if the price drops below 1.3750 and holds there, the next bearish target would be 1.3700.
Overall, the current landscape indicates a bullish outlook for USD/CAD, supporting the potential for further price increases in the near term.
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