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USD/CAD Technical Analysis - USD/CAD Trading: 2024-02-14
USD/CAD Technical Analysis Summary
Below 1.3549
Sell Stop
Above 1.3585
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| Donchian Channel | Sell |
| MA(200) | Buy |
| Fractals | Sell |
| Parabolic SAR | Sell |
USD/CAD Chart Analysis
USD/CAD Technical Analysis
The technical analysis of the USDCAD price chart on 1-hour timeframe shows USDCAD,H1 is declining toward the 200-period moving average MA(200) after spiking to two-month high yesterday. We believe the bearish momentum will continue after the price breaches below the lower bound of the Donchian channel at 1.3549. 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 1.3585. 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
US dollar spiked against Canadian dollar after hot US January inflation data. Will the USDCAD price continue advancing?
US dollar spiked against Canadian dollar after surprisingly high US January inflation data: the Bureau of Labor Statistics reported yesterday the Consumer Price Index (CPI) rose 3.1% over year in January after 3.4% rise in December when a 2.9% increase was expected. The Bureau of Labor Statistics data implied the higher inflation was due to mainly a surge in the cost of shelter. Higher than expected consumer inflation reading paired bets of imminent interest rate cuts by Federal Reserve and thus were bullish for US dollar and the USDCAD pair. However, the current setup is bearish for the pair.
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