- Analytics
- News and Tools
- Market News
- USD/CAD Price Prediction: Starting to decline again, possible resumption of downtrend
USD/CAD Price Prediction: Starting to decline again, possible resumption of downtrend
- USD/CAD is declining again, possibly in a resumption of its prior downtrend.
- The pair could be descending in a large Measured Move pattern with bearish targets.
USD/CAD has started to creep lower again. The move comes after a three-day pullback from the September 25 low (blue rectangle on chart).
USD/CAD Daily Chart
It is possible that the correction has now run its course and, given the medium-term trend is probably bearish – and according to technical analysis theory “the trend is your friend” – the pair might be resuming its medium-term downtrend.
A move below 1.3457 (September 26 low) would confirm a resumption of the downtrend, probably to at least the 1.3420 low of September 25. A close below that, would provide bearish confirmation of more downside to the range lows – a zone beginning at around 1.3222 and ending at 1.3106.
USD/CAD appears to have formed a large zig-zag pattern known as a Measured Move after peaking on August 5. If so, then it augurs bearish for the pair as the downside target for the last wave C of the pattern is 1.3326 at a minimum, the 61.8% Fibonacci extension of wave A.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
