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USD/CAD intraday: the upside prevails as long as 1.3435 is support

2024-02-02
316

Our pivot point stands at 1.3435.

Our preference: the upside prevails as long as 1.3435 is support.

Alternative scenario: below 1.3435, expect 1.3408 and 1.3392.

Comment: the RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.3423 and 1.3396).

Supports and resistances:

1.3547 **

1.3531 *

1.3516 **

1.3500

1.3464 last

1.3445

1.3435 **

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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