USD/CAD Technical Analysis | USD/CAD Trading: 2024-02-14 | IFCM UK
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USD/CAD Technical Analysis - USD/CAD Trading: 2024-02-14

USD/CAD Technical Analysis Summary

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Strong SellSellNeutralBuyStrong Buy

Below 1.3549

Sell Stop

Above 1.3585

Stop Loss

Ara Zohrabian
Senior Analytical Expert
Articles 2467
RSI Neutral
Donchian Channel Sell
MA(200) Buy
Fractals Sell
Parabolic SAR Sell

USD/CAD Chart Analysis

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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This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.

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