FX.co ★ USD/CAD

USDCAD 15-Minutes Analysis: The price action analysis of the USD/CAD currency pair will be our primary topic of discussion. I'm tired of believing, hoping, and waiting. With a small loss at 1.41975, I closed my sell position. For now, though, I don't intend to think about purchasing possibilities. In my opinion, the USD/CAD ratio will continue to fall. Ironically, the market's principle frequently seems to materialise as soon as I give up on a position; the price moves exactly as I had predicted as soon as I close out a trade at a loss. This is the most annoying result. The long-term drop in oil prices has affected the Canadian dollar, which frequently reflects these fluctuations because of its reliance on oil, or "black gold". The fate of oil may determine the future of the Canadian dollar. There are two bright spots as growth continues: I was able to sell my investment without suffering a big loss, and I might have a chance to re-enter at a better price, probably between 1.42315 and 1.43085. Once USD/CAD trades inside this expected range, I'll re-evaluate my goals. When examining the USD/CAD daily time frame, the pair has been severely stressed by the prolonged, five-figure bullish run. With 97% of positions being short and 3% being long, the current sentiment is skewed. Such severe imbalances have historically prompted quick adjustments. A possible decline to 37 figures seems possible given the strong push that has brought prices near to 39 figures. After that, we'll watch the direction of the market. Objectively speaking, USD/CAD is getting close to its annual peak and is currently trading in the 1.42165–1.42625 area, which is the upper limit of a wide, long-term channel.