Technical Analysis of the USDCAD on the 4-hour Timeframe: 25/05/2023deltawriter 25 May 2023
By looking at the 4-hour technical analysis chart, you will find that the USDCAD currency pair is above the 1.3500 level, between the 100-period simple moving average and the 200-period simple moving average.
If the resistance level of 1.3620 is broken, the next major resistance level will be 1.3650. There is a possibility that this currency pair may continue to rise toward the 1.3700 level, and any positive news release could potentially push USD/CAD to the resistance level of 1.3750.
On the other hand, in a bearish trend, this currency pair may touch the support level of 1.3535 and the next support level will be 1.3500 and the 100-period simple moving average.
If on this chart, it breaks below the support level of 1.3500, this currency pair may decline towards the 1.3440 level. The next major support is located in the range of 1.3400.
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