The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
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The USD/CAD pair is trading near the confluence of the 9- and 14-day EMAs just below the 1.4027 level. The technical setup on the daily chart shows a stable bullish bias. The RSI (14-day Relative Strength Index) is holding slightly above 50, confirming moderate bullish sentiment. However, short-term momentum is weak, as evidenced by the pair trading below the nine-day exponential moving average (EMA).
A breakout above the confluence of the nine-day and 14-day EMAs around 1.4027 will strengthen short-term price momentum and support the USD/CAD pair. After that, prices may retest the new seven-month high near 1.4140, reached on November 5. Continued upward movement would open the door to exploring the next higher levels from April.
On the other hand, key support lies at the round 1.4000 level, followed by the November low near 1.3983 and the 50-day EMA at 1.3960. A break below this zone would trigger bearish sentiment, putting pressure on the USD/CAD pair and allowing it to move toward the October low and potentially lower.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
