USDCAD Technical Analysis: The USD/CAD pair continues its downward trend, as it is clear that sellers are still exerting significant control over the price action. The pair recorded a high of 1.3478 today and a low of 1.3449, while it is currently trading at 1.3472. Despite a slight rise, the overall trend is still significantly downward, as prices remain under pressure from the moving averages.
USDCAD Technical Analysis: Technical Analysis
- Moving Averages: Moving average analysis shows that prices are still trading below these averages, which reinforces the downward trend. Continued trading below the moving averages indicates that sellers are in control of the market and supports the negative outlook.
- MACD Indicator: The MACD indicator reflects the beginning of a new selling force after a period of weakness. The new crossovers and the negative trend of the indicator indicate the possibility of continued selling pressure, which reinforces the negative outlook for the pair.
USDCAD Technical Analysis: Recommendations
- Sell: It is recommended to look for selling opportunities at bounces or resistance near 1.3478 levels, with targets to fall to lower levels such as 1.3449.
- Buy: It is preferable to postpone any buying decisions until the indicator shows strong signals of a change in trend towards the upside or prices breakout of the moving averages in a sustainable manner.
Trading strategies based on Buy/Sell levels
| USDCAD | In case of buying | in case of selling |
| Entry point | 1.3513 | 1.3451 |
| Target Point 1 (TP1) | First resistance: 1.3537 | First support: 1.3418 |
| Target Point 2 (TP2) | Second resistance: 1.3559 | Second support: 1.3380 |
| Stop Loss (SL) | 1.3451 | 1.3513 |
The overall trend for the USDCAD pair remains bearish, supported by technical analysis showing sellers dominating and continued selling pressure. While the MACD indicator indicates fresh selling strength, it is important to monitor market developments to adjust strategies and ensure reacting to any changes in the trend.
