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USD/CAD Technical Analysis - USD/CAD Trading: 2023-11-22
USD/CAD Technical Analysis Summary
Above 1.3721
Buy Stop
Below 1.3689
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Buy |
| MA(200) | Sell |
| Fractals | Buy |
| Parabolic SAR | Buy |
USD/CAD Chart Analysis
USD/CAD Technical Analysis
The USDCAD technical analysis of the price chart on 1-hour timeframe shows USDCAD: H1 is retracing higher toward the 200-period moving average MA(200) after hitting one-week low yesterday. We believe the bullish movement will continue after the price breaches above the upper bound of the Donchian channel at 1.3721. A level above this can be used as an entry point for placing a pending order to buy. The stop loss can be placed below 1.3689. After placing the order, the stop loss is to be moved to the next fractal low 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
Canadian Consumer Price Index rise was smaller in October than expected. Will the USDCAD rebound continue?
Canadian Consumer Price Index rise was smaller in October than expected: Canada’s statistics agency reported Consumer Price Index growth in Canada fell to 3.1 % over year in October from 3.8% increase in September, when a decline to 3.2% was forecast. This is bearish for USDCAD. The deceleration in growth of the headline inflation measure was largely a result of lower prices for gasoline : -7.8% in October. And while the traditional measure of core inflation that excludes food and energy prices ticked down to 2.7% over year from 2.8% , the rate of core inflation change on monthly basis picked up to 0.3% over month from -0.1% in September. The key point is Canadian inflation is slowing. This is bearish for Canadian dollar and bullish for USDCAD.
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