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USD CAD Technical Analysis - USD CAD Trading: 2024-02-27
USD/CAD Technical Analysis Summary
Below 1.3435
Sell Stop
Above 1.3571
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| Donchian Channel | Sell |
| MA(200) | Buy |
| Fractals | Sell |
| 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 retracing down to test the 200-day moving average MA(200) after hitting ten-week high two weeks ago. We believe the bearish movement will continue after the price breaches below the lower bound of the Donchian channel at 1.3435. 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 1.3571. 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 declined in January. Will the USDCAD price continue retreating?
Canada’s retail sales declined in January: Statistics Canada reported retail sales decreased 0.4% over month in January after 0.9% growth in December to $67.3 billion. Core retail sales, which exclude gasoline stations and fuel vendors and motor vehicle and parts dealers, were up 0.5% in December and retail sales were led by increases at motor vehicle and parts dealers. Overall, Canadian retailers finished 2023 with $794.4 billion in sales, up 2.2% from 2022 as core retail sales increased 2.4% in 2023. Declining Canadian retail sales is bearish for Canadian dollar and bullish for USDCAD currency pair. However, the current setup is bearish for the 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.