FX.co ★ IraniTrader | USD/CAD

USDCAD 4-Hour Analysis: Today, we will be examining the USD/CAD currency pair's price fluctuations. For the past two weeks, this currency pair has displayed bearish weekly candles. The USD/CAD has been holding around 1.38785 since early October, suggesting no notable positive trend. The pair seems to be heading toward a bearish trend and lacks upward momentum. Because of this, I expect the US dollar will lose value relative to the Canadian dollar, with possible objectives of 1.36785 or less. The USD/CAD is currently functioning as a resistance level since it is going below the Bulls' Resistance line. With pressure toward the trend line at 1.38285 and the possibility of reaching the buyers' zone at 1.37585, that offers a good opportunity for sell positions. Sellers may strive for additional price reductions toward lower limits, maybe falling by 1.36585 or more, if they are able to secure a position below this zone. This pair is showing signs of a bullish wave formation on the 4-hour chart. The price did not fall to the minimum target of the fourth Elliot wave. This implies that the pair's slide can continue the following week, potentially reaching the goal of the fourth wave at 1.37585. If there is a breakout here, the price decrease may continue beyond the fourth Elliot wave's maximum target, which is approximately 1.37085. Here, the downhill momentum may stop, possibly starting an upward turn. The pair's expansion toward Elliot's fifth wave goal is likely to continue with an upward advance toward the negative trend at 1.39405, followed by a possible breakout upward. That is a clear indication that the price will continue to decline following the consolidation phase and hit new lows the following week.