USD/CAD Technical Analysis | USD/CAD Trading: 2023-09-27 | IFCM India
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USD/CAD Technical Analysis - USD/CAD Trading: 2023-09-27

USD/CAD Technical Analysis Summary

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Strong SellSellNeutralBuyStrong Buy

Above 1.3527

Buy Stop

Below 1.3448

Stop Loss

Ara Zohrabian
Senior Analytical Expert
Articles 2427
IndicatorSignal
RSI Neutral
MACD Buy
Donchian Channel Neutral
MA(200) Sell
Fractals Buy
Parabolic SAR Buy

USD/CAD Chart Analysis

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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Note:
This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.

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