USD/CAD – The pair reached the highest level of 2019
The USD/CAD currency pair on the 4-hour time frame has been following an uptrend recently. The price broke above the key resistance level of 1.34514 on 24 April to register the highest level of 2019 at 1.35208. Strength in the US Dollar is the main reason behind recent bullish move in the USD/CAD. The price is currently hovering around 1.34910, with price above 200- period moving average.
The 4-hour chart of the USD/CAD confirms the positive sentiment in the price movement as the pair is making successively higher tops and higher bottoms.
By applying Oscillators Analysis, all three indicators confirm the positive bias in the market. As the chart shows, price is well above the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values above the zero-line which shows positive sentiment in the USD/CAD. RSI (Relative Strength Index) showing values above 50 which supports the bullish sentiment.
In alternative scenario, first support level lies at 1.33369. Bears must break this level in order to regain bearish sentiment in the market.
The 4-hour chart of the USD/CAD confirms the positive sentiment in the price movement as the pair is making successively higher tops and higher bottoms.
By applying Oscillators Analysis, all three indicators confirm the positive bias in the market. As the chart shows, price is well above the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values above the zero-line which shows positive sentiment in the USD/CAD. RSI (Relative Strength Index) showing values above 50 which supports the bullish sentiment.
In alternative scenario, first support level lies at 1.33369. Bears must break this level in order to regain bearish sentiment in the market.