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USD CAD Technical Analysis - USD CAD Trading: 2024-03-19
USD/CAD Technical Analysis Summary
Above 1.3571
Buy Stop
Below 1.3524
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Buy |
| MA(200) | Buy |
| 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 rising after breaching above the 200-period moving average MA(200) which is tilting up. We believe the bullish momentum will continue after the price breaches above the upper boundary of Donchian channel at 1.3571. 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 1.3524. After placing the order, the stop loss is to be moved to the next fractal low 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
Decline of prices of products manufactured in Canada reversed in February. Will the USDCAD price continue rebounding?
Prices of goods sold by manufacturers in Canada, as measured by the Industrial Product Price Index (IPPI), fell 1.7% over year in February. Main downward contributions to the year-over-year movement were lower prices for unwrought nickel and nickel alloys (-38.7%), jet fuel - down 30.2% on an over-year basis in February, diesel fuel (-9.6%), other unwrought non-ferrous metals and non-ferrous metal alloys (-23.3%). Industrial product prices rose 0.7% over month in February after 0.1% decline in January. Industrial product prices had fallen four months in a row before the reversal. Falling producer prices are bearish for Canadian currency and bullish for USDCAD as decline of wholesale prices reflects downward pressure on consumer prices and means no need for more restrictive Canadian monetary policy.
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