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USDCAD American Weekly Technical Outlook
Written by: Penton, Amber
The USDCAD is presumed to sustain its ascent in the coming week as the price continues to incline away from the 1.0208 support mark. Last week, the bears gained initial control of price movement as the pair reached a near one-month low of 1.0157. Soon after, however, the bulls resurged, allowing the price to surpass above the 1.0208 psychological handle and set the week’s high of 1.0297. Considering that the price continues to traverse within the bullish channel that has lifted price action since the end of April, a sustained trek is foreseen in the coming days.
Under the four-hour window, Bollinger Bands(20) is a leading advocate of a bullish move as its upward-sloping bands are providing the ascending track for the price to pursue. With the price currently navigating within the upper tier of the bands, the price is expected to rise further. The MACD(12,26,9) meanwhile, is depicting the increasing strength of the bullish thrust as its SMA line and histogram continue to gain length within the positive space. Finally, the Parabolic SAR(0.02,0.20) is supporting the bullish bias as its dot indicators are arrayed beneath the latest candlesticks, wielding upward pressure. As such, expect the price to reach its next upside target located along the 1.0312 resistance mark in the days ahead.
With the markets presumed to remain jittery ahead of the crucial European Union summit at the end of the week, risk-off trades are likely to benefit the US dollar alongside the Canadian dollar. Likewise, bleak expectations for consumer confidence and spending reports due this week are deemed to further weigh on sentiment. Thereby, a long position is advised.