Analysis and forecast for the currency pair USDCAD based on technical analysis The currency pair US Dollar against the Canadian Dollar continues to move within an ascending trend, as seen on the higher daily timeframe. However, towards the end of the week, we did observe a significant pullback, with the price even managing to drop below the support level of 1.4080. It is still too early to claim that we have fully reversed; it will be clearer how the price behaves at the market open. In any case, it is evident that it is better not to rush with long positions for now, and a return to growth will only be possible if the price of the USDCAD pair consolidates above 1.4080. Alternatively, a new buying signal may form below, but it will take time. I am not discussing selling below the 1.4080 level yet because it is apparent that the trend line is below, indicating that the ascending trend will remain valid even below 1.4080. Although in the Dollar Index thread I mentioned leaning more towards a decline in the US dollar, the Canadian dollar may also weaken, making the situation more complex.
