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19.09.2023 04:37 PM
Technical analysis on USDCAD for September 19th, 2023.
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Red lines- bullish channel

Blue lines- Fibonacci retracement levels

USDCAD continues to remain under pressure. When price was trading around 1.36-1.3680 we warned traders that a pull back was imminent and we preferred to be neutral if not bearish. USDCAD had provided a bearish signal once it broke below the bullish channel at 1.36-1.3620. Since then price continues making lower lows and lower highs. Price has so far retraced 50% of the entire rise from 1.3091. The RSI has still not reached oversold levels. USDCAD is expected to continue lower at least towards the next key Fibonacci retracement level at 1.3325.

Alexandros Yfantis,
Analytical expert of InstaTrade
© 2007-2025

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