MarketDeal24.Com – The USD/CAD pair traded above 1.31 in a four-hour time frame at the start of the day on Wednesday, although it failed to raise prices at the start of the European session and created bearish conditions. In the US session, the price fell to September’s opening level of 1.3043, which served as support this morning.
In the weekly time frame, the 2020 opening level of 1.2975 helped the price rise last week, which is above the Quasimodo support 1.2887. The market has been on a downward trend since reaching a high of 1.4667 in early 2020. If the depreciation continues, the price may fall to 2018 opening level 1.2579. If the price increases, price may be tested at the 2017 opening level 1.3434.
Weekly Price is recovering from Support 1.2975 while Daily Price is increasing the price from Support 1.2973. In the daily time frame the price can go up to 1.3330.
Breakout buyers will enter the market if price closes above 1.31 in a four-hour time frame. With the help of higher time frame support levels, buyers can raise the price to 1.3172, the highest level on November 13.