Canadian Dollar Surges Near Two-Week Tops

GKFX – The pair traded with a mild negative bias through the early European session on Wednesday and eroded a part of the previous session's strong upsurge to near two-week tops.

USDCAD Forms Bullish Flag Pattern

Given the overnight upsurge, the down-tick along a descending trend-channel on the 30-min. chart constituted towards the formation of a bullish flag chart pattern.

Moreover, technical indicators on the mentioned chart have also eased from near-term overbought conditions and thus, support prospects for an extension of the positive momentum.

However, a convincing break below the key 1.30 psychological mark will negate the positive outlook and turn the pair vulnerable to accelerate the slide back towards mid-1.2900s.

USDCAD 30-min. chart



    Last Price: 1.3036

    Daily change: -32 pips

    Daily change: -0.245%

    Daily Open: 1.3068


    Daily SMA20: 1.2951

    Daily SMA50: 1.3015

    Daily SMA100: 1.3058

    Daily SMA200: 1.2875


    Daily High: 1.3072

    Daily Low: 1.2925

    Weekly High: 1.2956

    Weekly Low: 1.278

    Monthly High: 1.32

    Monthly Low: 1.278

    Daily Fibonacci 38.2%: 1.3015

    Daily Fibonacci 61.8%: 1.2981

    Daily Pivot Point S1: 1.2971

    Daily Pivot Point S2: 1.2874

    Daily Pivot Point S3: 1.2824

    Daily Pivot Point R1: 1.3118

    Daily Pivot Point R2: 1.3168

    Daily Pivot Point R3: 1.3265


This article was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.

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