Prospects for the currency pair
USD/CAD based on technical analysis. The basis of the trading system is support and resistance levels, RSI and AO indicators. Let’s look at the chart:
We slightly renewed the high and immediately reversed, which rather indicates a return to range trading. The pair tested the resistance level and is now preparing for a correction. Let’s look at the indicators. The pair went down quite well, clearly reached the target and reversed. As we can see on the chart, the pair tested the 1.4117 level and is now trading at 1.4108. RSI is moving toward the middle of the range and is hesitantly pointing down, AO is showing a weak buy signal, and the
USDCAD price is above the previous day’s trading range. The signals are not very strong, but there is a chance of a slight decline. I assume the price will test the 1.4070 support level. Based on the analysis, cautious selling down to 1.4075 is recommended. However, remember that the market can be subject to sudden changes, so carefully assess your risks.
