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Market News USD/CAD Megaphone recommends more grinding near $1.3700

USD/CAD Megaphone recommends more grinding near $1.3700

In a trend-widening shape, USD/CAD struggles to establish a distinct direction. Continued trading above the monthly support and 200-SMA keeps buyers optimistic. Monthly peak in May 2020 could entice buyers beyond 1.3840, while sellers face a difficult trip back.

Daniel Rogers

2022-10-25

320

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During Tuesday's Asian session, USD/CAD treads water at 1.3700, moving within a one-week-old megaphone formation.

Although the most recent bearish megaphone calls for a gradual decline in USD/CAD values, the stronger oscillators and the pair's continuous trading above key supports give buyers reason for optimism. Important supports include the one-month-old rising trend line, the bottom line of the indicated megaphone, and the 200-day simple moving average.

Consequently, the USD/CAD pair's most recent fall may initially target the monthly support of 1.3640 before extending a rebound from the megaphone's level of 1.3585.

If the price fails to rebound from 1.3585, the price action will reject the trend-widening pattern and highlight the 200-day simple moving average level of 1.3560 as the subsequent firm support.

In the event that USD/CAD bears continue to dominate above 1.3560, it is not impossible to see a new low below 1.3500.

Alternately, recovery advances may initially aim for the megaphone's upper line, near 1.3840, before challenging the monthly high near 1.3980.

During the rise above 1.3980m, the psychological magnet at 1.4000 could test USD/CAD bulls before directing them to a peak at 1.4175 in the middle of 2020.