The USDCAD price has undergone a significant bullish wave, but has since formed a bearish triangle pattern at the end of the bullish run. Technical analysis indicates that the moving average (MA) of 9 4-hour candles (blue line) has broken below the MA of 90 4-hour candles (green line), indicating a potential shift in trend from bullish to bearish. Additionally, the Relative Strength Index (RSI) has started to trend lower, suggesting that there may be further downside to come. Given these technical signals, a descending wave could be expected in the USDCAD price in the short term. It is important to note that technical analysis is just one part of a comprehensive investment strategy, and other factors such as fundamental analysis and market conditions should be taken into consideration before making any investment decisions.
• There is a resistance level at 1.37520 followed by resistance at 1.38190 and 1.38700.
• There is a support level at 1.3580. Below, there is 1.34700 and 1.34000.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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