USDCAD Prediction is going up.
1. Price Action:
• Uptrend Confirmation: The recent price action suggests an ongoing uptrend. Look for higher highs and higher lows on the daily chart.
• Key Levels: Identify significant swing highs and lows. These levels act as potential support and resistance. For USD/CAD, consider the following:
• Resistance: The area around 1.3700 is crucial. A breakout above this level could lead to further gains.
• Support: Pay attention to the support near 1.3686 (your specified stop loss).
2. Trendlines:
• Draw trendlines connecting relevant swing points. An ascending trendline can help confirm the uptrend.
• Observe how price interacts with the trendline. A bounce off the trendline could signal strength.
3. Support and Resistance Levels:
• Resistance: Above 1.3700, watch for potential resistance at 1.3800.
• Support: Alongside 1.3686, consider other historical support levels.
• Uptrend Confirmation: The recent price action suggests an ongoing uptrend. Look for higher highs and higher lows on the daily chart.
• Key Levels: Identify significant swing highs and lows. These levels act as potential support and resistance. For USD/CAD, consider the following:
• Resistance: The area around 1.3700 is crucial. A breakout above this level could lead to further gains.
• Support: Pay attention to the support near 1.3686 (your specified stop loss).
2. Trendlines:
• Draw trendlines connecting relevant swing points. An ascending trendline can help confirm the uptrend.
• Observe how price interacts with the trendline. A bounce off the trendline could signal strength.
3. Support and Resistance Levels:
• Resistance: Above 1.3700, watch for potential resistance at 1.3800.
• Support: Alongside 1.3686, consider other historical support levels.
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