[GVI Forex 2]

USD 30-Minute Chart

USDCAD range for the day seems to be set at around 1.3545/55-1.3575/85 (blue and red AT lines on both sides)

The market is likely biding its time until Wednesday’s BoC decision so expect chop while within 1.35-1.36 but with a bid if it can hold 1.3550

[GVI Forex 2]

USDCAD 4 Hour Chart

Red lines dominating with a brief blip above last week’s 1.3535 high

The KISS approach is to keep an eye on 1.35, which has traded 6 days in a row to see if this pattern is broken .

If broken and 1.3535 gets taken out, resistance levels (blue lines) are at 1.3552-1.3563-1.3586

If not, Trendline + 1.3484 are key supports.

[Mtl JP]

gaming trade opportunity coming up in a bit more than 2 hrs
–
USDcad 1.3484
08:30 – canada inflation

BoC s been making smoke sigbals that any enthusistics about early int rate cut are mis-placed

[GVI Forex 2]

USDCAD 4-Hour Cgart

Why am I posting a USDCAD chart?

There is a very light economic calendar on Tuesday except for Canada CPI.

Looking at this chart, there is a broad range near 1.34-1.36 (1.3412-1.3585)

So it is no wonder the pair keeps gravitating towards the 1,35 midpoint.

Rising trendline offset by falling resistance lines (blue).

Whatever the case, expect some volatility around the CA inflation report but only a break of 1.34-1.36 would be significant/

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[Forex Cycle]

USDCAD Swings Lower: Range Trading or Downtrend Resumption?

USDCAD has experienced some volatility recently, breaking above resistance, pulling back, and now testing support. Let’s analyze the technicals to understand what this means for the pair’s near-term direction.

From Breakout to Range Trading?

Resistance Breached: USDCAD initially broke above the key resistance level of 1.3543, suggesting potential upside.
Pullback and Support Test: However, the pair has since pulled back and broken below the 1.3510 support level.
Range Trading Possibility: This price action suggests a potential range trading scenario between 1.3358 and 1.3585.

Further Downside or Bounce in Sight?

Next Support Level: If the downtrend continues, the next potential support level to watch is 1.3412.
Breakdown Implications: A breakdown below 1.3412 could signal a resumption of the downtrend from 1.3176, with targets at the key support of 1.3358 and potentially even lower at 1.3300 and 1.3176.

Hope for Upside Rebound?

Initial Resistance: If the sellers lose momentum and buyers step in, the initial hurdle to overcome is the 1.3520 resistance level.
Upside Potential: Reclaiming this level could trigger a retest of the previous resistance at 1.3585.
Overall Sentiment

The technical picture is mixed for USDCAD. While the breakdown below 1.3510 suggests potential downside, the possibility of range trading within a defined range cannot be ruled out. Monitoring the price action around the mentioned support and resistance levels will be crucial to confirm the pair’s next move.

Disclaimer: This analysis is for informational purposes only and should not be considered as investment advice. Please conduct your own research before making any trading decisions.