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2025-08-01 17:59:22
USD/CAD Technical Analysis: The daily chart shows USD/CAD has closed higher for several consecutive days, indicating an upward trend in the short term. The exchange rate is currently trading at a recent high, having broken through the upper Bollinger Band at 1.3848, indicating a strengthening short-term short squeeze. First, examining the Bollinger Bands, the bands are showing an overall widening opening, with the middle band flattening and slightly rising, indicating a start to volatility and the establishment of an upward trend. Regarding the MACD indicator, both the DIFF and DEA are above zero, with the red bar momentum continuing to increase, and the trend structure is forming a typical "strong golden cross" pattern. Increasing momentum, but not yet diverging, supports further upward movement. The RSI indicator remains above 65, approaching overbought territory, but showing no significant divergence. This suggests a strong market setup, and while a short-term technical correction is possible, the trend remains intact. Analysts believe that key support lies near the middle Bollinger Band at 1.3690. In the event of a correction, this level could serve as the first level of technical support. The key resistance above is focused on the psychological barrier of 1.4000. If it breaks through effectively, it may open up a new round of upward space.
