Hi Traders! USDCAD technical analysis and short-term forecast is here. We do our analysis on the MetaTrader4 platform (MT4). Some very interesting and 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 H1(1 Hour) Chart Analysis – Heikin Ashi Candles, Higher Highs, ADX Indicator, Strong Support Zone,
On the H1 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. Also the price which was creating a series of lower highs, lower lows has now made a turn around and has created higher highs for the first time in a while, which we may consider as another evidence of bullish pressure. 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. So everything looks good here for the bulls and until the strong support zone (marked in green) shown in the image below holds 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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