FX.co ★ USD/CAD

USD/ CAD: How to Profit Our conversation zeroes in on the ongoing live evaluation of the USD/ CAD currency pairs pricing. The Canadian dollar (CAD) remains stable, trading narrowly across the board as the new trading week begins with subdued activity. The USD/CAD pair briefly touched an intraday peak above 1.3991 before retracing to around 1.3981. Intraday trading is muted near the upper supply zone above 1.4001, while long-term momentum shows an upward trend, supported by trading above the 50-day exponential moving average (EMA) at 1.3912. Since peaking at 1.4086 in mid-April, the pair has yet to manage to establish new highs despite continuing on an upward trend line from the December low below 1.3440. Technical indicators indicate favorable market conditions. Given the pairs recent positioning near the middle of the weekly range and the significant selling pressure observed, I anticipate further downside movement towards the lower range boundaries on the weekly chart.

A bullish candle on the weekly chart suggests a potential clearing of seller stops within the range, reinforcing my expectation of continued decline. The zigzag pattern of the deterioration indicates ongoing absorption of selling pressure. Breaking below support at 1.39009 suggests further downside potential, possibly targeting support at 1.37951. On the M-15 chart, sellers are more active, evident from the bearish direction of the linear regression channel. However, bullish interest persists as the market moves above the upper boundary of the 1.39882 channel. That supports my analysis favoring buying opportunities that align with the prevailing bullish trend. Buyers targets are likely set around testing the level of 1.40125, where increased selling activity may prompt profit-taking. Holding positions for potential medium-term movements on the H4 chart could be contingent on market conditions.