An overview of the USD/CAD status on 31/01/2024 – An overview of important support and resistance levels of the four major currency pairs of the ongoing week.
• First key support level of EUR/USD: 1.079554
• Second Key support level of EUR/USD: 1.0727
• Third Key support level of EUR/USD: 1.0639
• First key resistance level of EUR/USD: 1.09
• Second Key resistance level of EUR/USD: 1.0997
• Third Key resistance level of EUR/USD: 1.1095
• First key support level of USD/CHF: 0.860697
• Second Key support level of USD/CHF: 0.858
• Third Key support level of USD/CHF: 0.85553
• First key resistance level of USD/CHF: 0.86423
• Second Key resistance level of USD/CHF: 0.86848
• Third Key resistance level of USD/CHF: 0.87295
• First key support level of GBP/USD: 1.26107
• Second Key support level of GBP/USD: 1.25067
• Third Key support level of GBP/USD: 1.24550
• First key resistance level of GBP/USD: 1.27
• Second Key resistance level of GBP/USD: 1.27710
• Third Key resistance level of GBP/USD: 1.28263
• First key support level of USD/JPY: 147.485
• Second Key support level of USD/JPY: 147.193
• Third Key support level of USD/JPY: 146.690
• First key resistance level of USD/JPY: 148.6
• Second Key resistance level of USD/JPY: 149.162
• Third Key resistance level of USD/JPY: 149.67
An overview of the USD/CAD status on 31/01/2024
On December 27th, 2023, we analysed the USD/CAD currency pair and predicted a possible rise in price, indicating a bullish scenario. The chart has been showing an upward trend for the past few weeks, and buyers have reached the highest price level of 1.35424 during this period.
In the weekly timeframe, two Shooting Star candlestick patterns have formed over the past two weeks, indicating a warning of a weakening upward trend and the exit of some buyers. If more buyers hesitate and the support level of 1.33954 is broken, the price will have the potential to fall to the support level of 1.33700 and then to 1.33200. In shorter time periods, such as daily and 4-hour charts, there is still hope for buyers to push the price up.When the reverse hammer candlestick pattern forms on a daily chart, it weakly confirms a price floor.
A harmonic pattern of AB=CD type is formed between the price ceiling of 1.35424 and the price floor of 1.33954. The pattern has a ratio of 88.6 and 1.13 Fibonacci levels, suggesting the possibility of a price increase from point D.
Buyers are more sceptical due to the lack of a strong upward movement in shorter time frames. If the buyers succeed in maintaining the price floor of 1.33954, they will seek to take the resistance level of 1.34600 and then up to 1.35200 as price targets.
The CloseOption Team
