Technical Analysis: USDCAD

USDCAD reached a two-week high

On Wednesday, USDCAD climbed for the 4^th straight trading day to the highest level since the 10^th February.

Canada may sink into an economic slump

Trump’s 25% tariff plan may make Canada sink into the worst economic slump since 1992, and we will take at least two years to recover the economy, the Bank of Canada Governor Tiff Macklem warned recently.

The USDX rebounded slightly

On Wednesday, boosted by Trump’s recent statements, the USDX rebounded slightly and was above an 11-week low.

The bullish market trend prevailed in the short term

the chart of the day

On the chart of the day, USDCAD was prone to fluctuation and climbed. The bullish market trend prevailed in the short term. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that USDCAD will rise further. USDCAD will jump with potential resistance at 1.450 if it breaks above 1.442.

4-hour chart

On the 4-hour chart, USDCAD was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, RSI witnessed golden cross at a high level, showing that the market trend is bullish. Investors should focus on whether USDCAD will break through the support at 1.430. It will climb further if it retreats but is stable above 1.430.

Key resistance: 1.442, 1.450

Key support: 1.430, 1.424

Generally speaking, USDCAD is more likely to rise further in the short term. Investors should focus on US economic data during the day.