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USD/CAD Technical Analysis - USD/CAD Trading: 2023-09-27
USD/CAD Technical Analysis Summary
Above 1.3527
Buy Stop
Below 1.3448
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Neutral |
| MA(200) | Sell |
| Fractals | Buy |
| Parabolic SAR | Buy |
USD/CAD Chart Analysis
USD/CAD Technical Analysis
The technical analysis of the USDCAD price chart on 4-hour timeframe shows USDCAD, H4 is retracing up to test the 200-period moving average MA(200) after hitting six-week low a week ago. We believe the bullish movement will continue after the price breaches above the upper bound of the Donchian channel at 1.3527. 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 1.3448. 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 retail sales rose slower than expected in July. Will the USDCAD price continue rebounding?
Canada’s retail sales growth was slower than forecast in July: Statistics Canada reported retail sales rose 0.3% over month in July after 0.1% growth in June, when an 0.4% increase was expected. Sales increased in seven of the nine subsectors and were led by increases at food and beverage retailers. However, in volume terms retail sales edged down 0.2% in July. Slower than expected growth in Canadian retail sales is bearish for Canadian dollar and bullish for the USDCAD currency pair.
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