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In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the USD/CAD for 5th October 2023.
The weekly chart of USD/CAD in October 2023 revealed a pivotal development. The closing line for the week was on the verge of breaking through the suppression of the downward trend line, which had been in place since October of the previous year. Furthermore, the stochastic oscillator was on the cusp of reaffirming the upward trend.
(Weekly chart of USD/CAD, source: Ultima Markets MT4)
Zooming in on the 4-hour chart, we identified a weakening of prices following the recent breach of the weekly downward trend line. The stochastic oscillator displayed a divergent downward trend, indicating that the exchange rate was likely entering an adjustment cycle.
(4-hour chart of USD/CAD, source: Ultima Markets MT4)
On the 1-hour chart, the 23.6% retracement level at 1.36923 emerged as an extremely critical support price. This level could potentially mark the end of the downward trend. Conversely, falling below this level would signify a breach of the weekly downward trend line, casting doubts on the legitimacy of the recent upward trend.
(1-hour chart of USD/CAD, source: Ultima Markets MT4)
(1-hour chart of USD/CAD, source: Ultima Markets MT4)
According to the pivot indicator in Ultima Markets MT4, the central price of the day was 1.37375.
In conclusion, October 2023 brought about a series of significant fundamental and technical developments in the USD/CAD forex market. Traders were faced with key decision points, influenced by a variety of factors, from U.S. economic data to crude oil prices.
The forex market remains inherently volatile, emphasizing the importance of informed, strategic, and responsive trading decisions.
At Ultima Markets, we are committed to providing valuable market insights to empower your trading decisions.
While this article offers a comprehensive overview of the USD/CAD situation in October 2023, it’s essential to keep a watchful eye on market developments and continue refining your trading strategies to stay ahead in the competitive world of forex trading.
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