Support & Resistance

Examining the USD/CAD on January 12, 2023 and Assessing the Strength of a Major Resistance Zone

Analyzing from a technical perspective:

An image depicting analytics can be seen here

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Analytical data is represented in the picture.

The USD/CAD currency pair has recently been locked in a sideways range with a price of 1.3437, however I believe that there is potential for the price to move down in the future.

It is suggested that trading should be done and a recommendation is given.

I am expecting a further decline in prices due to the examination of the lower line of the larger channel seen in the background.

Look

for chances to sell

with the target price at 1.3354 for the downside.

The Stochastic oscillator is indicating an overbought state and the possibility of a downward price movement in the future.

The rate of opposition is indicated at 1.3450/70.

Andrew Johnson is a seasoned journalist with a keen interest in the commodity market. He is a regular contributor to Livemarkets.com, where he covers the latest news, trends, and analysis related to the commodity industry. With years of experience under his belt, Andrew has established himself as a reliable source of information on the global commodity market.