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USD CAD Technical Analysis - USD CAD Trading: 2023-10-09
USD/CAD Technical Analysis Summary
Below 1.3639
Sell Stop
Above 1.3744
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 six month high four days ago. We believe the bearish momentum will continue after the price breaches above the lower bound of the Donchian channel at 1.3639. A level below this can be used as an entry point for placing a pending order to sell. The stop loss can be placed below above 1.3744. 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 employment change and wage data for September surprised on positive side. Will the USDCAD price continue retreating?
Canada’s employment change and wage data for September were much better than expected. The Statistics Canada reported the number of employed people during the previous month rose by 63.8 thousand in September after 39.9 thousand increase in August when a growth of only 22.1 thousand was expected. At the same time the average hourly earnings of permanent employees jumped by another 8.3% over month in September after a rise of 10.5% in August. That brought the three-month moving average to 10.3% which amounts to the steepest trend gain other than in the period at the start of the pandemic. The numbers indicate wages outpace consumer inflation in Canada. This is bullish for Canadian dollar and bearish for USDCAD pair.
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