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USD/CAD Technical Analysis - USD/CAD Trading: 2023-12-08
USD/CAD Technical Analysis Summary
Below 1.3550
Sell Stop
Above 1.3619
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| Donchian Channel | Buy |
| MA(200) | Sell |
| Fractals | Neutral |
| Parabolic SAR | Sell |
USD/CAD Chart Analysis
USD/CAD Technical Analysis
The technical analysis of the USDCAD price chart on 4-hour timeframe shows USDCAD,H4 is retracing down under the 200-period moving average MA(200) after hitting one-week high yesterday. We believe the bearish momentum will continue after the price breaches below the lower bound of the Donchian channel at 1.3550. A level below this can be used as an entry point for placing a pending order to sell. The stop loss can be placed above 1.3619. After placing the order, the stop loss is to be moved to the next fractal high indicator, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Fundamental Analysis of Forex - USD/CAD
Canada’s building permits growth resumed in October. Will the USDCAD price resume advancing?
Canada’s building permits rose at a faster pace in October. Statistics Canada reported Building Permits rose 2.3% over month in October to $11.2 billion led by gains in the non-residential sector. The decline in the prior month was 6.5%. The value of building permits resumed growing at a faster than expected pace: a 1.1% growth was forecast. Higher than expected growth of Canadian building permits is bullish for Canadian dollar and hence bearish for USDCAD pair.
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