Earnings season is a crucial time for investors and analysts, as it provides insights into how well companies have performed over the past quarter and gives indications of their future earnings. In 2023, expectations for US Q1 earnings were low due to economic challenges and rising interest rates. Surprisingly, many companies beat these low expectations, with 75% of S&P 500 companies surpassing forecasts.
Bullish USD/CAD is held by daily resistance
2019-11-11 • Updated
At the end of this week, USD/CAD pair is still in the bullish zone. Since the beginning of this year, the pair has been trading in an upward trend. On the weekly timeframe, it was possible to see that the USD/CAD movement was held back by a minor downtrend. The Stochastic indicator made a positive cross, although on the MACD histogram indicator went below the signal line.
On the daily timeframe, USD/CAD is also still in an uptrend, but stuck to the daily resistance level. The Stochastic indicator has crossed back up and the MACD histogram remains above the signal line.
On the H4 timeframe, USD/CAD is also still in an uptrend, but the Stochastic indicator has crossed down and the MACD indicator shows a possible correction of USD/CAD down to 1.31102 (Fibo 50.0% H4).
The upside target for the pair is at 1.32081 (Fibo 130.9% H4), and the support level is at 1.30783 (Fibo 23.6% H4).
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Bearish Scenario: Selling below 22.65 with TP1: 22.34 (intraday) and TP2: 22.02 (swing). Bullish Scenario: Buying above 22.70 with TP1: 22.90.
Intraday and swing scenarios based on price action and volume profile.