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USD/CAD Technical Analysis - USD/CAD Trading: 2024-06-04
USD/CAD Technical Analysis Summary
Above 1.3651
Buy Stop
Below 1.3618
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Buy |
| MA(200) | Sell |
| Fractals | Buy |
| Parabolic SAR | Buy |
USD/CAD Chart Analysis
USD/CAD Technical Analysis
The technical analysis of the USDCAD price chart on 1-hour timeframe shows USDCAD,H1 is rising to test the 200-period moving average MA(200) as it rebounded after hitting one-week low yesterday. We believe the bullish momentum will continue after the price breaches above the upper bound of the Donchian channel at 1.3651. 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 1.3618. 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
Canada’s manufacturing downturn continued in May. Will the USDCAD price continue rebounding?
Canada’s manufacturing downturn continued in May. The S&P Global reported the Manufacturing PMI ticked down to 49.3 in May from 49.4 in previous month when an increase to 50.2 was expected. Readings above 50.0 indicate industry expansion, below indicate contraction. Employment rose while both output and new orders fell at faster rates. There were cuts to buying activity due to sufficient inventories at plants. Price trends showed continuing cost inflation but the slowest increase in output charges for nearly four years. Continuing of Canadian manufacturing activity contraction is bearish for Canadian dollar and bullish for the USDCAD pair.
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