Technical Analysis of the Canadian Dollar Today. The USDCAD pair continues its downtrend, despite some weakness in the bears’ movement, they are still in control of the trend. The pair is currently trading at $1.3598.
Technical Analysis of the Canadian Dollar Today: Technical Outlook
The price is trading below most of the moving average crosses, which reinforces the continuation of the downtrend. In addition, the MACD indicator indicates the strength of the bears, which indicates that the downtrend is still strong and likely to continue for the time being.
Price Action Forecast?
The price action forecast indicates the possibility of a continuation of the downtrend for the USD/CAD pair, given the continued dominance of the bears as shown by the MACD indicator and the price is trading below most of the moving average crosses. However, any further weakness in the bears’ movement could lead to a slowdown in the decline or even a temporary reversal in the trend. It is important to monitor key support levels and any technical signals that may indicate a change in momentum.
Trading strategies based on Buy/Sell levels
| USDCAD | In case of buying | in case of selling |
| Entry point | 1.3610 | 1.3584 |
| Target Point 1 (TP1) | First resistance: 1.3630 | First support: 1.3560 |
| Target Point 2 (TP2) | Second resistance: 1.3660 | Second support: 1.3530 |
| Stop Loss (SL) | 1.3584 | 1.3610 |
In conclusion, with the bears still in control and the pair trading below the moving average crossovers, the downtrend seems to be continuing. Any MACD signals or price changes should be monitored to confirm the continuation of this trend.
