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USD/CAD Technical Analysis - USD/CAD Trading: 2023-08-17
USD/CAD Technical Analysis Summary
Above 1.3552
Buy Stop
Below 1.3474
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 advancing above the 200-day moving average MA(200) after hitting nine-day low a weak ago. We believe the bullish momentum will continue after the price breaches above the upper bound of the Donchian channel at 1.3552. 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 1.3474. 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
The ascending trend in Canada’s housing starts was reinforced in July. Will the USDCAD price continue advancing?
Canada Mortgage and Housing Corporation (CMHC) data showed that while the total housing starts for all areas in Canada decreased 10% in July (254,966 units) compared to June (283,498 units), the total seasonally adjusted annual rate (SAAR) of housing starts for all areas in Canada was 7.4% above the 5-year average. And housing starts trendline increased for the second consecutive month due to high number of actual housing starts in July. The trend was 242,525 units, up 2.8% from 235,819 units in June. The trend measure is a six-month moving average of the monthly SAAR of total housing starts for all areas in Canada. Rising trend of housing starts in Canada is bullish for Canadian dollar and bearish for USDCAD. However, the current setup is bullish for USDCAD.
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