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Daily Analysis By FXGlory
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[QUOTE="FXGlory Ltd, post: 348741, member: 106971"] [URL='https://fxglory.com/2024/05/20/usdcad-technical-analysis-for-20-05-2024/'][B]USDCAD technical analysis for 20.05.2024[/B][/URL][B] [ATTACH type="full"]60987[/ATTACH] Time Zone: GMT +3 Time Frame: 4 Hours (H4) Fundamental Analysis:[/B] The USD/CAD pair is exhibiting a clear bearish trend within a descending channel on the H4 chart. The price action shows consistent lower highs and lower lows, with the price currently moving towards the lower boundary of the channel, indicating continued bearish pressure. The recent price action, with four consecutive candles near the lower Bollinger Band, suggests strong selling momentum. The MACD line is below the signal line and in negative territory, confirming the bearish trend, while the RSI at 38.42 indicates that the market is not yet oversold, allowing for further downside potential. Fundamentally, the USD/CAD price is influenced by factors such as interest rate differentials between the Federal Reserve and the Bank of Canada, economic indicators, and commodity prices, particularly oil. Today's FOMC member speeches could provide hints about future monetary policy, impacting the USD. Additionally, the Canadian bank holiday (Victoria Day) could result in lower liquidity and increased volatility. Traders should monitor the immediate support level at 1.3550 and the resistance levels at 1.3660 and 1.3740. Caution is advised due to potential volatility spikes. [B]Disclaimer:[/B] The provided analysis is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions. [B] FxGlory 20.05.2024 [ATTACH type="full"]60988[/ATTACH][/B] [/QUOTE]
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Daily Analysis By FXGlory
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