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USD/CAD Technical Analysis - USD/CAD Trading: 2023-08-10
USD/CAD Technical Analysis Summary
Below 1.3403
Sell Stop
Above 1.3454
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| Donchian Channel | Neutral |
| 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 4-hour timeframe shows USDCAD,H4 is declining toward the 200-period moving average MA(200) after hitting nine week high two days ago. We believe the bearish momentum will continue after the price breaches above the lower bound of the Donchian channel at 1.3403. 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 1.3454. 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 slowed in June. Will the USDCAD price continue retreating?
Canada’s building permits rose at a slower pace in June. Statistics Canada reported Building Permits rose 6.1% over month in June to $11.6 billion led by increase in institutional component. The growth in the prior month was 12.6%. However, the value of building permits continued to grow albeit at slower pace when a decline of 2.1% was expected. Higher than expected growth of Canadian building permits is bullish for Canadian dollar and hence bearish for USDCAD pair.
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