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USD CAD Technical Analysis - USD CAD Trading: 2024-08-21
USD/CAD Technical Analysis Summary
Below 1.36034
Sell Stop
Above 1.36396
Stop Loss
| Indicator | Signal |
| RSI | Buy |
| MACD | Neutral |
| Donchian Channel | Buy |
| MA(200) | Sell |
| Fractals | Sell |
| Parabolic SAR | Sell |
USD/CAD Chart Analysis
USD/CAD Technical Analysis
The USDCAD technical analysis of the price chart on 4-hour timeframe shows USDCAD,H4 is retreating after returning under the 200-period moving average MA(200). We believe the bearish movement will continue after the price breaches below the lower bound of the Donchian channel at 1.36034. 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 1.36396. 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
Canadian Consumer Price Index growth decelerated in July. Will the USDCAD price retreating reverse?
Canada’s statistics agency Statistics Canada reported that Canada’s consumer price inflation (CPI) has fallen to its slowest pace in more than three years, marking the lowest annual inflation since March 2021. Both of Bank of Canada’s preferred core readings - the over month percentage changes in seasonally adjusted trimmed mean and weighted median CPI - declined in July. Particularly, seasonally adjusted weighted median CPI fell to 1.1% over month from 3.5% in June. Trimmed median CPI declined to 1.7% from 2.9%. Declining Canadian inflation in bearish for Canadian dollar and bullish for USDCAD pair. However, the current setup is bearish for the USDCAD pair.
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