How To Make Money Today: USD/CAD Daily Market Analysis and Forex Trading Signals 6 April 2022
To assist you to make a good day-trading selection, we’ll cover the newest forex market analysis. Make more money today with our market analysis. You must know how to trade first and have at least a simple understanding of chart patterns. Aside from that, we’ll cover some basic tips and methods that can aid anybody curious in day trading strategies. So let’s start by looking at some charts from today…
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USD/CAD:
On the H4, with price moving below the ichimoku cloud, we expect to see a potential for bearish drop from our 1st resistance of 1.25349 in line with the 23.6% fibonacci retracement and 61.8% Fibonacci projection towards our 1st support level at 1.24519 in line with the swing low support. Alternatively, If price breaks out, it can potentially move towards our 2nd resistance level at 1.25900 which is in line with the 38.2% Fibonacci retracement and 100% Fibonacci projection.
Areas of consideration:
- H4 time frame, 1st support at 1.24519
- H4 time frame, 1st resistance at 1.25349
USD/CAD Price Analysis: Responsive buyers have pushed the greenback bulls towards 1.2500.
- The failure of the loonie bulls’ effort to drive the asset below the March lows has prompted receptive buying.
- For validation, the greenback bulls are looking for a bull cross of 20- and 50-period EMAs.
- A bullish setup will be activated if the RSI (14) is established above 60.00.
After attempting a re-test of its previous week’s low around 1.2430, the USD/CAD pair has fetched heavy bids in the North American session on Tuesday. Market players have seen the asset as a bargain purchase, attracting prospective investors, as shown by responsive purchasing around possible lows.
On an hourly basis, USD/CAD is trading in a descending triangle formation, with horizontal support around 1.2430 and a descending trendline drawn from the high of March 28 at 1.2593. A bullish reversal is advocated by stronger responsive purchasing towards the bottom limit of a descending triangle, which finally leads to intense buying activity.
The bulls in the greenback are looking for a bull cross between the 20- and 50-period Exponential Moving Averages (EMAs), which are now trading around 1.2472 and 1.2480, respectively.
Meanwhile, the Relative Strength Index (RSI) (14) has switched to a range of 40.00-60.00, eliminating the counter’s weakness. A break of 60.00 by the momentum oscillator, on the other hand, would signal a bullish setting for the asset.
A significant break over psychological barrier of 1.2500 would propel the asset towards the April 1 high of 1.2540. A cross of the latter will also push the asset to its final objective of 1.2593, which was established on March 28.
If the pair falls below Tuesday’s low of 1.2403, though, Lonnie bulls may alter gears, dragging the major towards the November 2021 low and round level support at 1.2352 and 1.2300, respectively.
USD/CAD hourly chart
USD/CAD
| OVERVIEW | |
|---|---|
| Today last price | 1.2488 |
| Today Daily Change | 0.0006 |
| Today Daily Change % | 0.05 |
| Today daily open | 1.2482 |
| TRENDS | |
|---|---|
| Daily SMA20 | 1.2622 |
| Daily SMA50 | 1.2679 |
| Daily SMA100 | 1.2693 |
| Daily SMA200 | 1.2619 |
| LEVELS | |
|---|---|
| Previous Daily High | 1.2529 |
| Previous Daily Low | 1.2468 |
| Previous Weekly High | 1.2593 |
| Previous Weekly Low | 1.243 |
| Previous Monthly High | 1.2901 |
| Previous Monthly Low | 1.243 |
| Daily Fibonacci 38.2% | 1.2491 |
| Daily Fibonacci 61.8% | 1.2506 |
| Daily Pivot Point S1 | 1.2457 |
| Daily Pivot Point S2 | 1.2432 |
| Daily Pivot Point S3 | 1.2397 |
| Daily Pivot Point R1 | 1.2518 |
| Daily Pivot Point R2 | 1.2554 |
| Daily Pivot Point R3 | 1.2578 |
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