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USD/CAD Technical Analysis - USD/CAD Trading: 2024-02-20
USD/CAD Technical Analysis Summary
Above 1.3536
Buy Stop
Below 1.3459
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| MA(200) | Buy |
| Fractals | Buy |
| Parabolic SAR | Buy |
| Fibonacci | Sell |
USD/CAD Chart Analysis
USD/CAD Technical Analysis
The technical analysis of the USDCAD price chart on 4-hour timeframe shows USDCAD,H4 has breached above the 200-period moving average MA(200) which is flat. We believe the bullish momentum will continue after the price breaches above the Fibonacci 50 level at 1.3536. 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 1.3459. 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 slowed in January. Will the USDCAD price continue rebounding?
Prices of goods sold by manufacturers in Canada, as measured by the Industrial Product Price Index (IPPI), declined 0.1% over month in January after 1.6% drop in December. It was the fourth consecutive monthly decline. Prices fell 2.9% over year. Main downward contributions to the year-over-year movement in January were lower prices for energy and petroleum products - down 15.7% on an over-year basis in January, led by diesel fuel (-22.5%), finished motor gasoline (-12.6%) and jet fuel (-27.1%). Lower producer prices is 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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