empty
 
 
29.05.2023 08:27 PM
USD/CAD: potential downside continuation

The USD/CAD pair dropped again today and now is trading at 1.3587 at the time of writing. In the short term, the price signaled exhausted buyers, so we cannot exclude a potential downside reversal. Still, this scenario is far from being confirmed, that's why we'll have to wait for new opportunities.

Tomorrow, the Canadian Current Account is expected at -9.9B versus -10.6B. On the other hand, the US CB Consumer Confidence could drop to 99.1 points from 101.3 which could be bad for the greenback. Still, better than expected US data could save the USD from the downside in the short term.

USD/CAD Head & Shoulders!

This image is no longer relevant

Technically, the USD/CAD pair failed to reach the upper median line (uml) of the ascending pitchfork indicating exhausted buyers. Now, it has failed to stay above the median line (ml) and it challenges the 1.3583 downside obstacle.

The weekly pivot point of 1.3580 represents a static support as well. It remains to see how it reacts around this downside obstacle.

USD/CAD Outlook!

A bearish closure below 1.3583 is seen as a new selling opportunity.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $4000 more!
    In July we raffle $4000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback