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USD CAD Technical Analysis - USD CAD Trading: 2023-09-01
USD/CAD Technical Analysis Summary
Below 1.349
Sell Stop
Above 1.3559
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| Donchian Channel | Sell |
| 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 four month high fice days ago. We believe the bearish momentum will continue after the price breaches below the lower bound of the Donchian channel at 1.3490. 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 1.3559. 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 current account deficit grew slower than expected. Will the USDCAD price continue retreating?
Canada’s current account deficit growth was smaller than expected. Statistics Canada reported the current account deficit rose to 6.6 billion Canadian dollars in the second quarter from 3.2 billion in Q1 when an increase to 11.1 billion was expected. For the first time in two years the trade in goods balance moved into a deficit position. The trade in goods balance posted a $6.1 billion deficit in the second quarter, down from a surplus of $0.8 billion in the first quarter. Imports of goods edged down 0.3% to $192.0 billion. Funds inflows from abroad to finance the current account deficit came primarily from foreign investment in Canadian debt securities. Lower than expected growth of Canadian current account deficit is bullish for Canadian dollar and hence bearish for USDCAD pair.
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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.