FX.co ★ USD/CAD

Hello traders The price of the currency pair USDCAD on the hourly timeframe has returned to the boundaries of the consolidation channel at 1.3696 - 1.3675, testing the lower channel boundary. On the hourly timeframe, the instrument's price is below the moving average and below the Ichimoku cloud, indicating a downward trend in the short and medium term. The MACD indicator is pointing downwards, but its histogram is above the signal line, suggesting a decrease in the seller's sentiment. The CCI indicator, in turn, is in the overbought zone of the instrument and is pointing upwards, indicating the current corrective movement within the flat/consolidation channel. A signal for the resumption of the downtrend will be the CCI indicator crossing over to the bearish side and the MACD histogram expanding in favor of the bears. The targets for the downward movement are the support levels at 1.3675, 1.3662, and 1.3650. Long positions can be considered after the price consolidates above the moving average and the MACD indicator reverses upwards.