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USD/CAD Technical Analysis - USD/CAD Trading: 2023-09-19
USD/CAD Technical Analysis Summary
Below 1.3471
Sell Stop
Above 1.3527
Stop Loss
| Indicator | Signal |
| RSI | Buy |
| MACD | Sell |
| Donchian Channel | Sell |
| MA(200) | Sell |
| 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 falling after breaching below the 200-period moving average MA(200) which is rising still. RSI is in oversold zone. We believe the bearish momentum will continue after the price breaches below the lower bound of the Donchian channel at 1.3471. 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 1.3527. 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
Prices of products manufactured in Canada rose in August. Will the USDCAD price continue retreating?
Prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), rose 1.3% month over month in August after 0.1% decline in July. This was the first monthly increase in the IPPI since October 2022 when the index rose +2.3%. The resumption of increase in industrial products prices was driven mainly by increase in the average price of crude oil. Higher product prices are bullish for Canadian currency and bearish for USDCAD as higher production costs will be passed to consumers which will exert upward pressure on consumer prices and provide basis for leaning toward more restrictive Canadian monetary policy for the policy makers.
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