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Daily Analysis By FXGlory
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[QUOTE="FXGlory Ltd, post: 346883, member: 106971"] [B]USCAD analysis for 01.05.2024 [/B] [ATTACH type="full"]60840[/ATTACH] [B] Time Zone: GMT +2 Time Frame: 4 Hours (H4) Fundamental Analysis:[/B] The USD/CAD pair is currently displaying a bullish trend on the H4 chart as of May 1, 2024, influenced by the economic dynamics between the United States and Canada. The recent upward movement breaking past previous resistance levels suggests a robust bullish sentiment, possibly driven by positive economic indicators or shifts in market risk appetite. The breakout above the Ichimoku Cloud further supports this bullish outlook, indicating a potential change from a bearish to a bullish market environment. Additionally, the Relative Strength Index (RSI) nearing 70 highlights increasing bullish momentum, although it also points to the possibility of nearing overbought conditions which may signal a future consolidation or pullback. Key levels to watch include support at around 1.3720, the top boundary of the Ichimoku Cloud, and resistance near the recent high of 1.3785. As the pair exhibits strong upward momentum, traders should be cautious of potential overbought conditions and prepare for resistance at higher levels. Monitoring forthcoming economic releases from both countries will be vital for traders to maintain an informed strategy, and effective risk management is essential due to the inherent volatility in the forex market. As always, traders should conduct thorough research and analysis before making any trading decisions. [B]Disclaimer: [/B]This analysis is for informational purposes only and does not constitute investment advice. Traders should perform their own due diligence before making any investment decisions. own research and analysis before making any trading decisions. [B] FxGlory 01.05.2024 [ATTACH type="full" width="959px"]60841[/ATTACH][/B] [/QUOTE]
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