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USD/CAD Technical Analysis - USD/CAD Trading: 2023-11-07
USD/CAD Technical Analysis Summary
Below 1.3628
Sell Stop
Above 1.3783
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| Donchian Channel | Neutral |
| MA(200) | Buy |
| Fractals | Neutral |
| Parabolic SAR | Sell |
USD/CAD Chart Analysis
USD/CAD Technical Analysis
The technical analysis of the USDCAD price chart on daily timeframe shows USDCAD,Daily is retracing up above the 200-period moving average MA(200) following a retreat after hitting thirteen-month high four sessions ago. We believe the bearish momentum will continue after the price breaches below the lower bound of the Donchian channel at 1.3628. A level below this can be used as an entry point for placing a pending order to sell. The stop loss can be placed below above 1.3783. 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 economic activity expansion continued in October. Will the USDCAD price continue retreating?
Canada’s economic activity expansion accelerated slightly in October: Richard Ivey School of Business reported the Ivey Purchasing Managers' Index (PMI) rose to 53.4 in October from 53.1 in September when an increase to 54.0 was expected. Readings above 50.0 indicate Canadian industry expansion, below indicate contraction. It was the third straight month that the economic activity expanded after a decline in July. There were some signals of softness as the employment subindex declined and a gauge of prices fell to its lowest level in six months. However, expanding Canadian business activity is bullish for the Canadian dollar and bearish for USDCAD currency pair.
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