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Canadian Dollar Analysis: USD/CAD Why the Sellers May Need to Watch This Price

Canadian Dollar Analysis: USD/CAD Why the Sellers May Need to Watch This Price

2019-06-28 09:36:00
Mahmoud Alkudsi, Market Analyst
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USD/CAD Price Forecast, Charts and Analysis

  • Eyes on Canadian GDP and PCE numbers for US Dollar today.
  • USD/CAD price nearing its yearly support.

Did we get it right with our Gold and USD Dollar forecasts? Find out more for free from Q2 main Currencies and Commodities forecasts

USD/CAD – Bearish Momentum Picks up

On June 20, USD/CAD rebounded from 1.3150 however, the sellers continued eying a test of this support. On June 26, the bearish move resumed, and the price has been pushed to its lowest levels in nearly five months.

The Relative Strength Index (RSI) tested yesterday the boundary of the oversold territory, emphasizing the sellers are still in charge.

Having trouble with your trading strategy? Here’s the #1 Mistake That Traders Make

USD/CAD DAILY PRICE CHART (Mar 1, 2019 – JUn 28, 2019) Zoomed In

USDCAD price daily chart 28-06-19 Zoomed in

USD/CAD DAILY PRICE CHART (Apr 3, 2018 – JUnE 28, 2019) Zoomed Out

USDCAD price daily chart 28-06-19 Zoomed Out

Looking at the daily chart we notice USD/CAD eying a test of the vicinity of the Feb 1 low (yearly support) at 1.3068/64. Hence, a close below 1.3064 may lead the price towards 1.3014 although, the weekly support mentioned on the chart needs to be considered.

Its worth noting the importance of the closing price today (end of June) thus, any close below 1.3064 could maintain the bearish outlook of USD/CAD. However, further bearishness might require also a close below1.3014, this could see the price even lower towards 1.2916 nonetheless, the weekly supports highlighted on the chart should be kept in focus.

On the flipside, a failure to close below 1.3064 may rally the price to the higher end of the trading zone 1.3064 – 1.3150. However, the daily resistances marked at the chart would be worth monitoring.

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USD/CAD Four-HOUR PRICE CHART (Jun 18, 2019 – Jun 28, 2019)

USDCAD price 4H 28-06-19

Looking at the four-hour chart, we notice on June 21 USD/CAD resumed its downtrend creating lower highs with lower lows. Therefore, a break below 1.3064 may pave the way towards 1.3014. Although, the weekly supports underlined on the chart need to be watched closely.

On the other hand, we notice on June 27 USD/CAD found resistance at 1.3138. A break above this resistance may lead the price towards the June 26 high at 1.3195 contingent on clearing the daily resistances at 1.3150 and 1.3175.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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