FX.co ★ USD/CAD

USDCAD 1-Hour Analysis: We'll examine how the USD/CAD currency pair is currently moving. Early next week, a decline in pricing is anticipated. This would be the fourth wave in an uptrend, aiming for 1.45562, according to my wave theory calculations. I anticipate that prices will then continue to rise, particularly after stabilizing above 1.47207. It's important to note that last Friday, the pair fell below the crucial support level of 1.40610, indicating a bearish breakout. This breakout, which is tracked hourly, happened before the end of the day and week. The next support point I'm now keeping an eye on is around 100 pips below, or 1.40610, based on classical analysis. Prices may go in that way; therefore, we should be ready for it. Before rising back to the objective, the retreat can drop below 1.40610 and perhaps even hit 1.40610. A deeper and longer-lasting decline, however, might result in a price reversal back to the primary direction if prices fall below the 1.40610 mark. The price just broke over the linear regression channel's red resistance line, peaking at 1.40610 before returning to its present position. In light of this, I anticipate that the price will continue to decline and settle below the channel line around 1.40610, which is the 61.8% Fibonacci retracement level. After that, I anticipate that the price will keep declining until it approaches the linear channel's golden line LR at 1.40610, which is the 50% Fibonacci level. It is important to note that the CCI and RSI (14) indicators are both in the overbought zone right now, suggesting a greater likelihood of a price decrease. In conclusion, I am more likely to purchase opportunities, but I won't think about opening a position until the price has dropped to at least 1.40610 with a target price above 1.40610. I might also increase the upper limit of the Canadian dollar purchase to 1.40610 with a target purchase range of 36–40 units.