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Message: [QUOTE="FXOpen Trader, post: 239836, member: 130540"] [B][SIZE=5]USDCAD Technical Analysis – 27th DEC, 2024 USDCAD – Near Resistance of Channel[/SIZE][/B] [img]https://i.imgur.com/u00O8PW.png[/img] USDCAD was unable to continue its Bullish momentum and after touching a high of 1.4420 the prices started to decline against the United States Dollar today in the London Trading session. The prices are Near resistance of channel and the Price is back under the pivot point in the 15-minutes timeframe. We see that the RSI indicator is back under 50 in the 30-minutes timeframe. Also, the Support of channel is broken in the 1-hourly timeframe. Also we see RSI indicator: bearish divergence along with the MACD indicator: bearish divergence in the daily timeframe. The prices of USDCAD continue to range Near resistance of channel in the weekly timeframe. Some of the technical indicators are also giving a Bullish to Neutral stance in the markets which indicates the presence of the Consolidation wave in the markets. We see that USDCAD is ranging Near a new LOW record (1 month) in the weekly timeframe. USDCAD is now trading above its 100-hour SMA and its 200-hour SMA simple moving averages. • Loonie Bearish reversal seen below the 1.4420 mark. • Short-term range appears to be Bearish. • USDCAD continues to remain above the 1.4380 levels. • Average true range ATR is indicating High market volatility. The next support is located at 1.4383 which is a Price 1 Standard Deviation Support. USDCAD is now trading near to its Pivot levels of 1.4389 and is moving into a Bearish channel. The price of USDCAD remains above its Classic support levels of 1.4358 and is now moving towards its next target of 1.4366 which is a Price 3 Standard Deviations Support. [I][B]Disclaimer:[/B] This analysis represents my own opinion only. It is not to be construed as an opinion, offer, solicitation, recommendation, or financial advice of the Companies operating under the FXOpen brand.[/I] [/QUOTE]

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