Hi Traders! USDCAD technical analysis and short-term forecast post is here. We do our analysis on the MetaTrader4 platform (MT4). Some very interesting, useful tips and hacks about the MT4 platform could be found here. If you would like to learn more about the way we trade and the technical analysis we use then check out the Home Trader Club Spoiler alert – free memberships are available!
USDCAD H4(4 Hours) Chart Analysis – Heikin Ashi Candles, Higher Highs, ADX Indicator, Two Strong Support Zones
On the H4 chart, currently we have a strong bullish momentum and based on the Heikin Ashi candles we can see that currently, we have strong bullish bodies in upward moving market conditions so it basically reflects a strong bullish environment as well. In addition to this, we could see that the price which is moving higher has created higher highs based on the MACD indicator, which is a sign of gaining momentum towards the bullish side. In addition to this, the ADX indicator gave a bullish signal here at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads value over 25, we may consider this as yet another evidence of bullish pressure. Currently, it looks like a correction is happening, also we had two strong resistance zones that have formed and the price which was moving higher has broken above these zones and is holding above them. After the breakout, these strong resistance zones are acting as two strong support zones for us. So based on all this, until both these strong support zones shown in the image below (marked in green) hold my short-term view remains bullish here and I expect the price to move higher further after pullbacks.
Trading Tips
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Arvinth Akash
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