OctaFX | OctaFX Forex Broker
Open trading account

USD/CAD Technical Analysis: Remains well within three-week old broader trading range

   •  The pair's good two-way price action, well within a broader trading range over the past three weeks or so, constituted towards the formation of a rectangle on the daily chart.

   •  The fact that the pair has been showing some resilience near 100-day EMA clearly points to the prevalent dip-buying interest and support prospects for additional gains.

   •  Positive oscillators on hourly charts add credence to the constructive outlook, albeit maintained their neutral bias on the daily chart and warrant some caution for bullish traders.

   •  Hence, it would be prudent to wait for a sustained move beyond the 1.3400 handle, trading range hurdle, before positioning for any further near-term appreciating move.

USD/CAD daily chart


Gold inches lower toward $1270, looks to renew 2019 lows

After recording its lowest weekly close of the year last Friday at $1275, the XAU/USD pair stayed relatively quiet on Monday amid the Easter holiday a
Read more Previous

Saudi Arabia to respond cautiously to US action on Iran oil exports

According to Reuters, Saudi Arabia is planning to set its crude oil output just above 10 million barrels per day for the next two months in a cautious
Read more Next
Start livechat