FX.co ★ Kemie | USD/CAD

USDCAD Price Forecast: Lets discuss the current price action analysis of the USD/CAD currency pair. We havent made any clear predictions for USD/CAD, primarily due to uncertainty. While technicals were in an uptrend, fundamentals were pointing to a decline. As a result, the pair hesitated and ultimately closed near the 14.5% Fibonacci retracement level on the 4-hour chart. If USD/CAD tests the 38.1% resistance level and then falls to 14.5%, an internal pattern could form. One pattern is already present on the chart, and the formation of a second pattern would increase the likelihood of a rally to the 61.7% target level. Overall, technical indicators suggest a potential uptrend, but we expect USD/CAD to fall in the medium to long term. While the intraday trend is currently uptrend, once the correction is over, a reversal and a breakout below the recent low are likely.

Analyzing the USD/CAD pairs movement, its clear that bulls are regaining control and attempting to drive the pair higher. To continue the bullish trend, buyers need to break through the weekly pivot point. However, judging from the daily chart, the pair remains in a bearish trend, with the price below the Ichimoku cloud, signaling a decline. This suggests that traders may consider short positions starting Monday. The Stochastic Oscillator indicator also indicates overbought conditions. In the most recent trading session, the pair tested the support level, with bears holding below the pivot point, at 1.35586. The intraday decline corresponds to a typical pivot level, and further declines and a break below the first support level could trigger a new wave of selling, pushing the price below the support zone at 1.34986.