USD/CAD Currency Pair: Status Overview on 27/12/2023 – 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: 1.10618
• Second Key support level of EUR/USD: 1.10500
• Third Key support level of EUR/USD: 1.10187
• First key resistance level of EUR/USD: 1.11145
• Second Key resistance level of EUR/USD: 1.11787
• Third Key resistance level of EUR/USD: 1.12000
• First key support level of USD/CHF: 0.84713
• Second Key support level of USD/CHF: 0.84600
• Third Key support level of USD/CHF: 0.84500
• First key resistance level of USD/CHF: 0.85137
• Second Key resistance level of USD/CHF: 0.85527
• Third Key resistance level of USD/CHF: 0.85745
• First key support level of GBP/USD: 1.27200
• Second Key support level of GBP/USD: 1.26293
• Third Key support level of GBP/USD: 1.25058
• First key resistance level of GBP/USD: 1.27912
• Second Key resistance level of GBP/USD: 1.29000
• Third Key resistance level of GBP/USD: 1.30000
• First key support level of USD/JPY: 142.250
• Second Key support level of USD/JPY: 141.883
• Third Key support level of USD/JPY: 141.000
• First key resistance level of USD/JPY: 142.831
• Second Key resistance level of USD/JPY: 144.000
• Third Key resistance level of USD/JPY: 144.900
USD/CAD Currency Pair: Status Overview on 27/12/2023.
The USD/CAD currency pair has been consistently declining for the past two months, with sellers reaching a low of 1.31776 so far.
There is no clear and transparent reason for the recent price increase in longer time intervals, such as monthly and weekly. In the event of a threat and a breach of current support levels, the price may fall further and hit targets, such as 1.31200. (Warning for buyers with medium-term transactions)
In the short term, the price decline was halted by reaching a support level of 1.31800, which prompted some sellers to exit their transactions. As a result, the selling pressure has slightly decreased.
Also, long-term traders can take advantage of the upward trend line, which includes two support points.
As a result of the recent significant drop in this currency pair, the price in the daily and 4-hour periods is now oversold. In this currency pair, there is a possibility of a weak rise and the formation of a price floor. If a price floor is formed on the upward trend line, the price may correct the downward trend. In this regard, buyers would seek to take the resistance levels at 1.32142 and 1.32300.
The CloseOption Team
